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Progressive Group rejects recent increase in the prices of petroleum products

Progressive Group rejects recent increase in the prices of petroleum products

LAHORE: Progressive Group while rejecting the recent increase in the prices of petroleum products has said that third hike since the announcement of annual budget will trigger a new wave of inflation.

Progressive Group President and Lahore Chamber of Commerce & Industry (LCCI) Executive Committee member Khalid Usman and Group’s Joint Secretary Muhammad Ejaz Tanveer said that increase in petroleum products is considered as mini-budget as it impact every sphere of the life.

They said continued hike in the price of food items, petroleum prices and others has exposed the promise of a people-friendly budget.

They said that the government instead of increasing prices of petroleum products should have decreased its own levies to save people from inflation. They said direct and indirect taxes on essentials have eroded the buying power of the masses making life difficult for them.

They said that the Government should adopt fixing the petroleum products once a month instead of twice a month so as saving the masses and industry from economic burden.