LAHORE: The Progressive Group of the Lahore Chamber of Commerce & Industry has expressed serious concerns over the increase in oil prices notified by the Oil and Gas Regulatory Authority (OGRA) saying it will negatively affect the businessmen and common people alike.
The Group said the government, increasing oil prices, has forgotten the poor as hike may result in increasing prices of different products. The Group said it will also hurt the manufacturing sector as their input cost will increase due to high transportation charges thus making them more uncompetitive in the international market.
Progressive Group’s President Khalid Usman, Muhammad Azam Cheema, Ch Arshad, Ehsan Ullah and others in a statement issued here on Monday said our economy is worsening day by day because of continuous increase in petroleum, gas and electricity prices. “Our industrial sector is already not performing well and, under such circumstances, it is bound to receive another blow,” they maintained.
They criticized the government for “hit this heavy blow to the common man at a time when country is facing a higher inflation rate, especially in food items.”
They demanded the withdrawal of this unjustified and unpopular decision. They alleged that the government is increasing POL prices, power and gas tariffs and other utilities’ prices blindly and heartlessly under the IMF dictation by totally ignoring the plight of the industry and the general masses.
They urged the government to immediately withdraw this decision which may result in a decrease in the value of Pak rupee against dollar which also has a negative impact on the imports.
