MULTAN-The business community has rejected recent increase in the prices of petroleum products, saying it will completely ruin already struggling economy of the country.

Talking to media here on Friday, the President of Multan Chamber of Commerce & Industry (MCCI) Muhammad Sarfraz  strongly criticized the government for increasing prices of petroleum products up to Rs6 per litre, terming it bad news for the country’s economy, as this hike in fuel rates would lead to increased cost of production and cost of doing business as well.

Khawaja Badar Munir Senior Vice Prtesident of MCCI demanded the government to withdraw the hike immediately, saying it would ruin the manufacturing sector entirely. He, while strongly reacting on this anti-industry and anti-masses decision, said that government did not ever bother to pass on the benefit of decrease of oil prices in international market and earned billion rupees, which is sheer injustice and now made a huge raise.

He said that the timeline for the increase in the prices of petroleum products was also raising questions. He said that at a time when the whole industry is suffering due to high cost of doing business, the raise in POL prices is bound to give a further blow to the industry.

Muhammad Amjad Sheikh Vice President of MCCI said that the business community had for the last many months been calling on the concerned government circles to take measures for the promotion of alternate fuels as trade deficit was fast widening due to heavy imports under the head of petroleum products.

He demanded of the government to withdraw raise in the prices of POL products otherwise industry would be collapsed within no time and government would lose main source of revenue.

Khawaja Jalaluddin Roomi president of Industrial Estate Management board said that business community will never allow the government to damage the economy and make the life of people miserable to please international lenders.

He said that those who had claimed to transform Pakistan into a welfare state have disappointed masses as well as the business community through their performance.