The hike in Petroleum prices will unleash a new wave of inflation: RCCI

RAWALPINDI: (BATIEGHAR)The Rawalpindi Chamber of Commerce and Industry (RCCI) has shown deep concerns on the massive hike in the prices of petrol and high-speed diesel (HSD) by Rs 19.95 and Rs 19.90 per liter, respectively.

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

He said that the government should end anti-business policies under the guise of 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.

President Chamber Saqib Rafiq said that the prices of electricity and gas have been increased recently and now the increase in the prices of petroleum from above will bring the businesses which are already depressed to a complete standstill.