RAWALPINDI: President of Rawalpindi Chamber of Commerce and Industry (RCCI), Malik Shahid Saleem Saturday demanded the reversal of proposed petroleum price hike by Economic Coordination Committee (ECC). in a statement issued here , he said that high speed diesel was widely used in agriculture and transport sectors and therefore increase in its price would have a direct impact on life of a common man due to inflationary impact.
RCCI President said that Pakistan’s manufacturing sector was already facing a big challenge on cost competitiveness and raise in petroleum prices would badly impact the export targets. He said the petroleum price hike would increase the monthly budget of the common man.
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 fared 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 Malik Shahid Saleem. He demanded an immediate hold in Petro prices in the larger interest of trade, industry and economy.