"Government should cut down the non-development expenditures instead of dropping petrol bomb on the trade and industry which is already struggling for survival. Industry would not be able to contribute in economic uplift of the country if anti-industry decision is taken," they said.
Though oil prices in the international market are on the rise but instead of passing this surge to the trade, industry and masses, government should cut the number of taxes and duties levied on petroleum products, they added. It is not the industrial sector alone but the agriculture sector would also badly suffer, they maintained.
The office-bearers further said the agriculture sector is engine of growth and the increase in petroleum prices will push the input cost of agriculture production up as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery, they said. The cost of thermal generation by private sector to go up, they added.
The LCCI office-bearers said the government is producing huge amount of electricity through thermal means and after increase in petroleum prices, the electricity price will touch new highs. The Lahore Chamber has been asking the circles concerned for the last many years to take measures for the promotion of alternate fuels as trade deficit is fast widening due to heavy imports under the head of petroleum products, they said and demanded of the government to move wisely and turn down any suggestion with regard to increase in oil prices.
Copyright Business Recorder, 2017