FCIK demands roll back of petroleum prices Says the decision will cripple industry

Srinagar July 02: The Federation Chamber of Industries Kashmir has criticized the decision of hiking the prices of petrol and diesel by the centre owing to its crippling impact on manufacturing costs of industry as well as the overall economy.
The President FCIK Shakeel Qalander voicing his displeasure against the hike stated that the decision was bound to wipe out the element of profit in most of the sectors of industry which was already working under stress due to negative inflation and lowest demand in the domestic and international market.
He observed that subsequent to the price hike in diesel, the transportation cost of goods was likely to go up eventually hitting hard the Kashmir based industry that mostly consumed the raw material coming from other states. He said that owing to our tail end position our industry would comparatively have tremendous and highest impact of the hike.
Apart from the manufacturing sector, the hike was also likely to impact fruit industry of Kashmir in coming months, he said adding that our apple and other fruit was facing stiff competition in the national market from Shimla and imported apples.
The president FCIK that despite overall negative inflation, the food inflation was on constant rise since mid-May and the hike in petroleum products would further push it up thereby making consumer food items further dearer.
Reacting to the statement of central minister justifying the hike in context of price rise in crude oil, Shakeel Qalander said that such an eventuality could have been taken care by simply making a cut in the charges in the form of surcharge, road cess and excise duty by the central government. The Government merely has to rationalise all these taxes in a judicious way and certainly there would be no need to hike petroleum prices, said FCIK president adding that we should not forget that appreciation of the rupee over past few years had automatically taken the care of crude oil hike.
Denouncing the claim of losses incurred by petroleum companies, the FCIK president said had it been so then the profits of oil companies would not have multiplied over past few years.
The president FCIK has demanded that the centre should immediately roll back the prices of petroleum in order to save the industry and common man from its adverse impact.