RAWALPINDI, APR 02 (DNA) – The Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem has demanded the reversal of petroleum price hike, apprehending that the exorbitant raise would unleash the storm of inflation in the country.

He said the petroleum price hike would increase the monthly budget of the common man. He said it would also have a negative effect on the industry and would send prices of different products skyrocketing.

RCCI President apprehended that the new wave of inflation would grip the entire nation with seizing purchasing power, which was widely fared to scale down business activities in the country.

The move is going to crumble the local economy, adding that the small businesses would also fall flat to the inflation that would be unaffordable to any of the traders, said Malik Shahid Saleem.

RCCI chief has also shown grave concerns on growing economic uncertainty with respect to IMF package. He said the Government should not linger on the decision here and must make up a mind.

The given uncertainty led towards the sharp fall in the value of Pakistani rupee against the US dollar.

The prevailing economic uncertainty in country is damaging the investor’s trust and stressed that government should take urgent measures to end volatility and bring stability in the local currency.

Investors especially foreign investors can only be attracted once we have economic stability and continuation of economic policies he added.

Malik Shahid also lamented FBR recent wave of harassment in the name of tax collections and added that despite FBR chief assurances, raids are being carried out on different business centers and Inland Revenue staff took entire record of the companies in custody and harassed the staff. This harassment by FBR is causing fear amongst trade and industry, he said.  Pakistan economy is going through tough circumstances, it cannot afford strikes and shutter down, he added.=DNA