The Businessmen Panel (BMP) of the FPCCI has strongly criticized the government's decision to increase prices of petroleum products for second time in two months and said this increase would further destabilize the economy. In a statement here on Wednesday, Chairman BMP, Mian Anjum Nisar said the increase in POL prices has come as a big shock to poor people, industrialists and traders and it will have hefty negative impact on the inflation stricken masses and the fragile economy.
He said the increase will push prices of all commodities produced in the country upward, spike transport charges and make the local industry less attractive for investment eroding competitiveness of Pakistani exporters in the international markets. Secretary General (Federal) BMP, Ahmad Jawad 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. Terming the increase as anti-people and anti economy, Jawad apprehended that the public which is under tremendous pressure will be further burdened. The country's exports are already declining and any increase in fuel prices will sharply increase the cost of doing business, he added.
The Businessmen Panel earnestly demanded of the Prime Minister, Shahid Khaqan Abbasi to immediately withdraw the increased prices of POL prices as the current economic condition did not allow for such measures. The Panel further viewed 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.
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