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HomeBusinessIncrease in Petroleum Prices Will Unleash New Wave of Inflation: RCCI

Increase in Petroleum Prices Will Unleash New Wave of Inflation: RCCI

The Rawalpindi Chamber of Commerce and Industry (RCCI) has shown serious concerns about the massive hike in the prices of petrol and high-speed diesel (HSD).

In a statement, RCCI President Saqib Rafiq termed it shocking and a very harsh decision that will unleash a new wave of inflation. CPI inflation is already in double digits and rising prices would lead to a storm of inflation, he added.

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He said that the government should end anti-business policies under the guise of International Monetary Fund (IMF) demands and economic recovery. He said the sharp rise in petroleum prices would badly squeeze the purchasing power of the common man, leading to a sharp decline in the growth of business activities.

He has said that the price of petrol and diesel has a direct impact on the cost of transportation. The price of food items, which are already beyond the budget of the common man, will leave the white-collared class behind.

Rafiq said that the prices of electricity and gas were also increased recently and the increase in fuel prices will bring the businesses which are already depressed to a complete standstill.

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