The industrialists and traders have strongly criticized government decision to increase price of petroleum products said that repeated increase in the prices of oil in recent past has badly eroded Pakistan's competitiveness due to which the country was losing attraction for investment and this situation would further destabilize the economy.
The increase in POL prices has come as a big shock for poor people, industrialist and traders which will have hefty negative impact on the inflation stricken masses and the fragile economy.
Industrialists say that this action is expected to increase prices of essential goods and transports charges. Increase in the prices of petroleum products have already put the industry at a disadvantage where consumers matter.
Industrialists and traders are of the opinion that multiple impact of oil prices increase will have push prices of all commodities produced in the country upward and the decision would be detrimental to local industry, especially to the exporters.
They said that the weakening rupee, the growing cost of doing business and the increasing gap between imports and exports are some of the worries plaguing the government at present.
They said that the prices of petrol have once again gone up. The present government has nothing to do with common people and industry. Let prices skyrocket but this government has no care for the industry, export and common people.
President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Ghazanfar Bilour has expressed his dismay over the prices of petrol which are going to affect all the commodities.
The general public which is under tremendous pressure will be burdened further by rising prices of all essential items.
The country's export is already declining due to the high cost of business and increase in fuel prices will sharply increase the cost of doing business. FPCCI is demanding immediate withdrawal of increase in fuel prices.
President of Lasbela Chamber of Commerce and Industry (LCCI), Yakoob Karim has strongly condemned the government's decision to increase the prices of POL terming it anti-people and anti-economy move. He said in a statement that another hike in POL prices will result in another wave of price hike that further weakening the economy and the tarnish the reputation of the present regime. He earnestly demanded of the Prime Minister, Shahid Khaqan Abbasi to immediately withdraw the increased rates of POL (petroleum, oil and lubricants) prices as the current economic condition did not allow for such measures.
He said that the industry was already under immense pressure to turn the wheel and keep up the production while the government is making such decisions without any justification. He said that increase in POL price sharply affects the cost of every commodity and raw materials especially the export oriented industry becomes unable to meet its commitments abroad due to increased overheads.
He further said that POL price increase would also affect the country's agriculture sector, citing that hike in petroleum prices would increase the input cost of agriculture production as high speed diesel was being used in tractors, tube-wells, harvesters, and other agriculture machinery.
While, cost of thermal generation of electricity by captive power plants would also go up, he added.
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