Lahore: The Lahore Chamber of Commerce and Industry (LCCI) has issued an urgent call for the government to implement protective measures against potential economic fallout due to increasing global oil prices, particularly those affected by the ongoing Iran-Israel conflict. The LCCI’s leadership, including President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, and Vice President Shahid Nazir Chaudhry, has proposed several strategies aimed at stabilizing the national economy during these turbulent times. The trio emphasized the critical need for swift government action to prevent an economic crisis, highlighting the broad impacts on inflation, production costs, and the country’s balance of payments.

According to Lahore Chamber of Commerce and Industry, the LCCI leaders elaborated on the necessity of establishing or expanding strategic oil reserves as a buffer to cope with sudden global price hikes and supply disruptions. They stressed that such reserves could help stabilize supply and prices within the country. Additionally, the chamber’s office-bearers suggested providing targeted subsidies to crucial sectors such as industry, agriculture, and transportation, which are directly impacted by the escalating fuel costs. These subsidies are seen as vital to maintaining industrial activity and preventing job losses across the country.

Further strategies include accelerating the transition to alternative and renewable energy sources like solar, wind, and hydropower to lessen dependency on imported oil. The LCCI also recommended boosting domestic energy production through the exploration and development of local oil and gas resources, which would help insulate the economy from global market volatility. Furthermore, they advised the government to reassess the petroleum pricing mechanism to shield consumers and businesses from sudden price surges, promote energy efficiency, and secure stable, reasonably priced oil supplies through enhanced diplomatic engagements with oil-rich nations.

The LCCI’s urgent recommendations come in response to the dire economic threats posed by rising oil prices, exacerbated by geopolitical tensions in the Middle East. The chamber’s call to action reflects a comprehensive approach aimed at ensuring economic stability and energy security in the face of global uncertainties.