Key Takeaways
- LCCI President Faheem Ur Rehman Saigol calls for immediate engagement with petroleum dealers.
- Petroleum supply disruption could severely impact trade, industry and agriculture.
- Business community expresses concerns over proposed daily pricing mechanism.
The Lahore Chamber of Commerce and Industry (LCCI) has called on the federal government to address the concerns of petroleum dealers immediately following their announcement of an indefinite nationwide strike. President Faheem Ur Rehman Saigol stated that any disruption in fuel supplies would have far-reaching consequences for various sectors, including transportation, logistics, trade, industry, agriculture and daily economic activity.
Saigol emphasized that petroleum products are the backbone of economic activity, and any interruption in their supply chain could create serious challenges. He noted that when a major stakeholder in the petroleum supply chain raises serious reservations about policy decisions, those concerns deserve to be heard through institutional consultation.
The LCCI President highlighted specific concerns regarding the proposed daily petroleum pricing mechanism. He stated that the business community has serious concerns over the uncertainty such a system could create. Saigol explained that fuel prices have a direct bearing on transportation costs, production expenses, distribution networks, freight charges and retail pricing. Frequent changes in petroleum prices would make it increasingly difficult for businesses to accurately calculate costs, prepare budgets and make informed commercial decisions.
Saigol also pointed out the current economic challenges faced by the business community, including persistent inflation, rising utility tariffs, higher taxation, elevated financing costs and declining consumer purchasing power. Market sales have already witnessed a significant decline due to prevailing economic conditions and reduced business timings. He observed that additional uncertainty in fuel pricing could further weaken business confidence and economic activity.
The LCCI President emphasized that petroleum pricing is not merely an issue for fuel dealers; its impact extends throughout the economy. Any change in fuel prices directly affects transportation charges, production costs, agricultural inputs, consumer prices and ultimately inflation. Therefore, decisions regarding petroleum pricing mechanisms should be taken after extensive consultation with all stakeholders, including petroleum dealers, chambers of commerce, trade bodies, transporters and industrial representatives.
Saigol concluded by urging the government to engage in meaningful consultations with petroleum dealers to resolve their concerns and prevent any disruption in fuel supplies. He stated that when a major stakeholder raises serious reservations about policy decisions, those concerns deserve to be heard and addressed through institutional consultation.
Any disruption in fuel supplies would not only affect transportation and logistics but would also have far-reaching consequences for trade, industry, agriculture and daily economic activity across the country.
Faheem Ur Rehman Saigol, President of the Lahore Chamber of Commerce and Industry
When a major stakeholder in the petroleum supply chain raises serious reservations about policy decisions, those concerns deserve to be heard through institutional consultation.
Faheem Ur Rehman Saigol, President of the Lahore Chamber of Commerce and Industry
