Business community has sharply reacted to fresh increase of petroleum products prices through presidential ordinance and termed it a mini budget. They urged the government to withdraw fresh increase in petroleum product prices and bring it bank to previous level They said that the government must honour Supreme Court verdict.
They said that the government is imposing taxes on business community and general public without taking into consideration paying capability of the masses and impact of taxes on prices of local as well as imported goods. They feared the prices of all communities including food items will go up drastically due to increase in transportation charges. Labour will demand increase in salary and wage owing to increase in bus fares
President, Karachi Chamber of Commerce and Industry (KCCI), Anjum Nisar said that industry was already facing serious financial crises and this increase will make them unviable to operate. He said industries are gradually closing down and unemployment is on increase.
He said that KCCI will approach federal government and record its protest with them on increase of petroleum products prices He said that the chamber will also make efforts to convince them to reduce oil prices and bring it back to previous stage.
Chairman, Korangi Association of Trade and Industry (KATI), Mian Zahid Hussain said that with the increase in petroleum products prices cost of doing business has been increased substantially. He feared that manufacturing sectors may face problems in fulfilling export orders and completing orders on committed prices. He said that instead of taking measures to stop moving wheels of industry government must take steps to boost industrial activities in the country.