RCCI demands monthly oil price mechanism

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RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) newly-elected President Manzar Khurshid Sheikh has welcomed government's decision of trimming down prices of oil products and Compressed Natural Gas (CNG) saying it would promote business activities in the country.

He also mentioned that the government should also reduce the prices of diesel as it was used in the most of industrial sector especially in transport and agriculture sector. The surge in diesel prices has affected already poverty-stricken masses baldy, he added.

Manzar Sheikh expressed these views during a meeting with a delegation of traders and industrialists here on Monday.

The meeting was also attended by RCCI Senior Vice President Pervaiz Ahmed Warriach, Vice President Chaudhry Nadeem A Rauf, Group leader Najamul Haq Malik, former President Jawed Akhtar Bhatti and other members of the Chamber.

Sheikh Manzar said that RCCI rejected weekly mechanism of price adjustment of oil products and demanded of the government to revert it on monthly basis to avoid uncontrolled storm of price-hike in the country.

He was of the view that in prevailing situation it was not possible for business community to costing the products. “Weekly mechanism of controlling POL prices facilitate hoarders to destroy the national economy “, he stressed.

President RCCI vowed to take all possible steps for the betterment of business community. 

Earlier, newly elected office bearers of the RCCI assumed their charges. Manzar Khurshid Sheikh took his charge as President RCCI, Chaudhry Pervaiz Ahmed Warraich as Senior Vice President and Chaudhry Nadeem A Rauf as vice president of the Chamber.

Outgoing RCCI President Jawed Akhtar Bhatti formally handed over the RCCI office charge to Manzar Khurshid Sheikh in a simple ceremony held here. Group leader Najamul Haq Malik, former Presidents, members of the Executive Committee, leaders of local trade associations, renowned businessmen and a large number of RCCI members were also present on the occasion.

Manzar Khurshid Sheikh during his first speech as President RCCI has thanked group leader Najamul Haq Malik, former Presidents and seniors for showing their confidence on him and vowed that he and his team would take every possible step to fulfil the confidence of the seniors and no stone will be left unturned for the betterment of the business community of the region.

End.