President, Prime Minister urged to take notice: industrialists react to increase in oil, CNG prices

The trade and industry have urged the President and the Prime Minister to take immediate notice of increase of oil and CNG prices and direct the concerned ministries to withdraw it in toto otherwise they fear that there will be severe agitation from the masses.
The increase in POL and CNG prices has come as a big shock to salaried class, fixed income group, poor people, industrialists and traders which will have heavy impact on the inflation stricken masses and the fragile economy. They said, "It is simply an extortion of the masses and the industry by the government".
The industrialists have sharply reacted on increase in oil and CNG prices and said it will put extra burden on pockets of poverty-stricken people of the country and demanded of the government to immediately withdraw in oil and CNG prices. They said that increase in oil and NCG prices will have chain reaction and now prices of rice, pulses , sugar, power, tea, milk, ghee, soap and other commodities are expected to be increased in near future. They also criticised the ministry of petroleum decision to fix prices of oil after 15 days instead on monthly basis.
They said that it is becoming an impossible for industrials and traders to calculate prices of products and quote them to buyers due to ever increasing cost of manufacturing. It was general opinion that increase in oil and CNG prices would only affect people belonging to fixed income group.
President Karachi Chamber of Commerce and Industry (KCCI), Mian Abrar Ahmad has rejected the recent hike in the petroleum prices, terming the decision as "brutal attack" which will slowdown and cripple the commercial and industrial activities. He said that the KCCI takes a very exception to the POL price hike and power and gas loadshedding. He cautioned that the decision would severely harm the economy, affect the masses as well as the business community.
He also warned that the nasty situation in Karachi, arising out due to deteriorating law and order situation, power and gas outages and increase in petroleum prices will inflict colossal financial losses, would widen the trade deficit leading to collapse in commitment to export orders, flight of capital, huge labour layoffs, and worsening of law and order situation and decline in the revenue of the government.
He said that the hike in POL prices would hamper all sectors of the economy along with an upshot to inflation. He said that on one side government is contemplating to increase targets for nominal growth and on the other side its harsh decisions to increase POL prices, utility tariffs and gas and power outages and unbridled criminal activities are posing a threat for achieving the said target.
At present, country is going through a very serious economic crisis in terms of escalating cost of production/ manufacturing based on continuous rise on POL products/fuel and utilities, he concluded. The Central and Zonal Chairmen of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Shehzad Salim and Atiq Kochra while condemning the massive hike in POL prices demanded its immediate withdrawal.
PRGMEA leaders said that the country has been left to suffer a loss of 40 percent decline in exports due to power shortages and high cost of petroleum products. Atiq warned that the country had already lost a number of international markets to China, Bangladesh and India due to high cost of doing business and the decision to increase power tariff would make the Pakistani goods more uncompetitive. He opined out that due to ongoing energy crisis as well as the hike in fuel prices the country had lost three percent of its GDP.