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POL price hike will increase the monthly budget of the common man: RCCI

POL price hike will increase the monthly budget of the common man: RCCI

RAWALPINDI:  The Rawalpindi Chamber of Commerce and Industry (RCCI), has expressed deep concern over the rise in petroleum products, as it would disturb the monthly budget of the common man and demanded immediate review of prices. The increase in the prices of commodities, Liquefied Petroleum Gas, electricity and natural gas tariffs would prove detrimental to the country’s economy.

Petrol is priced at Rs 137 and diesel at Rs 134 and kerosene at around Rs 111 Per liter.

RCCI President Nadeem Rauf, said in a statement that Pakistan’s manufacturing sector is already facing a big challenge on cost competitiveness and given the rise in petroleum prices, it will badly impact the export targets.

He said that high speed diesel was widely used in agriculture and transport sectors and therefore an increase in its price would have a direct impact on the life of a common man due to inflationary impact.

He said it would also have a negative effect on the industry and would send prices of different products skyrocketing. RCCI President apprehended that the new wave of inflation would grip the entire nation with seizing purchasing power, which was widely feared to scale down business activities in the country.

The move is going to crumble the local economy, adding that the small businesses would also fall flat to the inflation that would be unaffordable to any of the traders, said Nadeem Rauf. He demanded an immediate hold in Petro prices in the larger interest of trade, industry and economy.