LAHORE, Feb 2: The Lahore Chamber of Commerce and Industry and Pakistan Industrial and Trade Associations Front have described the continuous increase in POL prices as disastrous for the economy and a serious blow to the industrialisation process.

Criticizing the third consecutive increase in prices in a couple of months, LCCI president Mian Misbahur Rehman and other office-bearers said here on Wednesday the increase announced at a time when the prices in international market were showing a downward trend would have a negative effect on the efforts of the regime to create a business friendly atmosphere in the country.

They said the increase would push the production cost upwards and affect the exports adversely besides triggering an increase in costs of transportation which would hit the poor commuters. They urged the government to change the procedure for fixing POL prices through the adhoc committee of petroleum companies as it had started acting like a cartel.

Criticizing the Rs5.50 per litre increase in petrol prices during the past one-and-a-half-month PIAF vice-chairman Mubashar Sheikh said the first increase of Rs2.58 per litre had been justified on the ground that it was required to correct the distortion in price resulting from a six month freeze. But prices had again been raised after every fortnight.

He said the government should not only withdraw the latest increase in POL prices but also entrust the price fixation to the Oil and Gas Regulatory Authority created for the purpose.

LABOUR PARTY: The Labour Party Pakistan has condemned the continuous increase in the petroleum products prices and described it a cruel joke to the poor and an attempt to destroy the national economy.