LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to avail all resources to ensure affordable energy supply particularly in the wake of China-Pakistan Economic Corridor (CPEC) that would expedite industrialisation as the cheap energy is a must to keep momentum of Large Scale Manufacturing Sector growth.
LCCI President Sheikh Muhammad Arshad and Vice President Nasir Saeed, in a joint statement, said that sudden increases in electricity, gas and POL prices in the past have shattered the future planning of industrial sector. They said that Prime Minister Nawaz Sharif has shown wisdom by denying increase in gas price but trade & industry need more support from the government to bring down their input cost.
Sheikh Muhammad Arshad said that price of crude oil is at its lowest but the government has not passed on its full benefit to the trade, industry and agriculture sector. He demanded of the government to reduce petroleum price by at least Rs20 per litre considering the lowest oil prices in the international market.
He said that price of crude oil in the international market has come down to $37 per barrel but policy makers are reluctant to pass on the benefit to the trade & industry and masses with this ratio. He said that it is a sheer injustice that traders and masses are not given the benefit of crude oil price reduction. They are still suffering and paying heavy cost of electricity and transport fares.
Arshad said that only because of high cost of doing business in Pakistan, a large number of industrial units had already lost their due place in the international market. He said that it is not the industrial sector alone but the agriculture sector is also suffering badly because of high prices of petroleum products.
