Unprecedented oil price hike will unleash floodgates of inflation: RCCI
Rawalpindi /DNA/ – The Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed deep concern over the rise in prices of petroleum products and demanded of the government to immediately review the prices.
The price of petrol has been increased from earlier Rs147.83 to Rs159.86 a litre; high-speed diesel from Rs144.62 to Rs154.15 a litre, kerosene from Rs116.48 per litre to Rs126.56, and LDO from Rs114.54 to Rs123.97 per litre.
In a statement, RCCI President Nadeem Rauf said that the business community was deeply concerned over the sharp rise in prices, adding that inflation was already in double digits and rising prices would lead to a storm of inflation. Petrol and diesel prices have a direct impact on transportation costs. The construction sector will be affected. Rising diesel prices will increase the cost of construction materials, he added.
The RCCI president underlined that people were facing difficulties due to the high inflation and the business community was struggling to recover from the impact of Covid-19 pandemic.
We demand the government to reverse the price hike, he said, adding that in order to reduce the import bill, it is necessary to promote alternative energy sources such as solar, wind and electric.
Related News
Non-conventional sectors like gemstone can increase exports
RAWALPINDI, APR 28 /DNA/ – The gems and jewellery sector can play a vital roleRead More
Weak economy facing challenges as FDI down 10% amidst rising cost: BMP
Anjum Nisar says foreign remittances flows crucial to support account balance ISLAMABAD, APR 28: TheRead More
Comments are Closed