ISLAMABAD, July 6: The Islamabad Chamber of Commerce and Industry (ICCI) has sought exemption of special excise duty on steel products. ICCI President Nasir Khan said in a statement on Friday that the special excise duty would make a negative impact and the price of steel would go up, which may hamper construction progress.

As per agreement of steel association, the revenue generation would be increased from Rs1 billion to Rs16bn this year. As the revenue generation would enhance 800pc this year, there was no need for this special duty, he said.

The government had already exempted special excise duty on fertilisers, petroleum products, ghee, import of edible oil, local oil marketing products, carpets, sports goods, surgical equipment, textile, energy sector, and imported raw material for leather industries.

Mr Khan said removal of special excise duty would facilitate people and help check prices. He expressed satisfaction on the rise of foreign exchange reserves, which are touching $16 billion dollars mark. He said still prices of certain commodities are high, which need to be brought down to reduce dearness in the market.