Oil Price Hike to Unleash Floodgates of Inflation: RCCI

Expressing deep concerns over the recent increase in prices of petroleum products, the Rawalpindi Chamber of Commerce and Industry (RCCI) has demanded the government immediately review the decision. The price of petrol has been increased from Rs. 147.83 to Rs. 159.86 a liter; high-speed diesel (HSD) from Rs. 144.62 to Rs. 154.15 a liter, kerosene from Rs. 116.48 per liter to Rs. 126.56, and light diesel oil (LDO) from Rs. 114.54 to Rs. 123.97 per liter. In a statement, President RCCI, Nadeem Rauf said the business community was deeply concerned over the sharp rise in prices. He said the new prices would lead to a ‘storm of inflation’. He noted that the petrol and diesel prices had a direct impact on transportation costs, and the construction sector would also be affected. The increase in diesel prices would mount the cost of construction materials, he added. The President RCCI underlined that people were facing difficulties due to the high inflation, while the business community was already struggling to recover from the impact of the COVID-19 pandemic. “We demand the government reverse the price hike,” he said, adding that it was necessary to promote alternative energy sources such as solar, wind, and electric means in order to reduce the import bill.