LAHORE: The continuous surge in the prices of petroleum products by the government to meet its huge expenses will collapse the industry and make the people miserable.
In a statement, Punjab Dyes and Chemicals Merchants Association Chairman and Lahore Chamber of Commerce and Industry (LCCI) former senior vice president Khawaja Khawar Rashid said that the business community is unable to understand the reasons behind the continuity of the incentives such as free petrol and other utilities for ministers and bureaucrats.
Due to the government measures, the stock market is crashing with a loss of 2,000 points/day, which is frightening the investors but the government is not ready to mend its situation.
The facilities of free petrol, electricity, gas and other utilities to the federal and provincial ministers, assembly members and bureaucrats should immediately be withdrawn, he added.
Rashid said that they should be instructed to buy petrol from their own salary and pay utility bills, as they can better afford these things, compared with a common man. The situation cannot be improved until they go through the pain from which the people are suffering.
Rashid also said that the government has increased the petrol prices from Rs150 to Rs248.74/litre in a short span of time, which is badly affecting the business community and the masses.
This continuous hike in the prices is leading to a severe wave of inflation, which will spread turbulence in the country.
Finance Minister Miftah Ismail is putting the blame of this situation on the rupee depreciation. He must keep in mind that taking measures to strengthen the value of the rupee is not the responsibility of the business community or the people but of the government, he added.
The prices of oil and petrol have decreased internationally but the government has again increased the prices in the country, he said, adding that recently the government has also imposed 10 per cent super tax and now the increase in the prices of petroleum products will be a big blow to the industry and agriculture.
Considering the unnecessary incentives to the ministers, bureaucrats and MPAs/MNAs, the root cause of all these problems, Rashid said that the government should immediately abolish these undue incentives and facilitate the masses, otherwise the people would reject them in the coming elections.
