FPCCI opposes gas, power, petroleum products hike in prices

Karachi, August 08, 2011 (PPI): Federation of Pakistan Chamber of Commerce & Industry FPCCI, apex body of country’s trade and industry Monday opposed recent gas, power and petroleum products prices increase and said it will lead to high cost of production.

FPCCI President senator Haji Ghulam Ali says it would directly affect manufacturers already hard hit by continued load shedding of gas and electricity besides weak Rupee against U.S. dollar. Overall it will industrial production in the country and lead to cut in export orders, he stated.

Meanwhile, Vice President SAARC Chamber of Commerce & Industry Iftikhar Ali Malik said industry already facing energy crisis and hike in power, gas, petroleum products prices will squeeze liquidity. High power, gas, petroleum prices created liquidity crunch for importers of industrial raw materials.

He suggested that keeping in view business scenario around the world, high mark up rate by banks be also reduced to single digit in order to provide relief to the industry.