"It is increasing the production cost of the industrial products", he said.
Najam Rehan said that it would bring industrial as well as agricultural products of Pakistan at the lowest ebb. The recent hike in petroleum and its products prices would hamper economic activities, which would not only put negative impact on purchasing capacity and an extra burden on common men but would affect Pakistani products which would not compete in the international market, he added.
He said that the socio economic uplift would be badly affected by this move and instead of giving relief to the common man this decision by the Oil Company Advisory Committee would further worsen their problems, besides creating further problems and difficulty for industries, which were already facing problems at the international markets.
"This will badly effect the cost of production of industrial units operating in the country, which are already suffering by hike of utility charges specially in term of electricity", he said. It would also leave negative impacts on the economy, he added.
Najam Rehan further noted that it would push up our cost of production and rendering our products uncompetitive both at home and abroad and in the end it would affect the exports target set by the government.
The hike prices will further weaken the government's efforts for economic revival and stability, the RCCI chief said.
He stressed on government to take concrete measures in this regard to further avoid the uncertain atmosphere among masses particularly in the business community and the industrialists.
Meanwhile, general public has criticised the increase in POL prices and termed it economic murder of the poor people.