Pakistan, Sept. 13 -- President Faisalabad Chamber of Commerce & Industry (FCCI) Farooq Yousaf Sheikh has called for immediate and decisive government intervention to cushion the economy against fallout of an extraordinary surge in global oil prices.

In a statement, he expressed serious concern over the sharp increase in international oil prices and said that the government must take urgent measures to mitigate its adverse impact on the domestic economy particularly on industry and exports.

Rising fuel costs are rapidly driving up transportation, industrial production and export shipment expenses, he added.

He said that the government was already considering plans to enhance oil reserves of the country, but stressed that the planning p...