Lahore : Lahore Chamber of Commerce & Industry President Irfan Qaiser Sheikh says government should reduce petroleum products prices as these had declined in world market.
“If Indian government could curtail petroleum products prices by about Indian Rs 11 per litre (about Pak Rs 19) in one go, similar reduction be made. A cut in oil prices, will not reduce government revenue as it would just be passing on what it was getting from international market,” LCCI President said on Saturday.
He felt by reducing petroleum products prices, government would be arrest fast escalating inflation and cut in cost of doing business help expedite production that had nose-dived due to acute electricity shortage and high cost. He asked government to cut number of taxes on petroleum products.
“If fuel is heavily taxed, whole economy suffers. Frequent rise in POL prices ruined industrial and economic activities and affected agriculture sector in the country.” Irfan Qaiser said in view of high cost of doing business, large number of industrial units had already shifted operation to other countries.