PESHAWAR: Business community here out rightly rejected the historic increase in prices of petroleum products, asking the government to revise its decision while keeping in view the fragile condition of business and industry and ailing economy of the country.

The government’s decision would prove detrimental for the already feeble national economy, warned Hasnain Khurshid Ahmad, President Sarhad Chamber of Commerce and Industry, according to a statement issued here.

The SCCI chief maintained the cost of industrial production would escalate after the whopping increase in prices of petroleum commodities that would bring a fresh wave of inflation in the country.

He noted the purchasing power of the common man has already weakened owing to increasing price-hike, adding that the poverty-stricken people would be further hit hard after the government’s move.

Terming the historic hike of Rs30 per litre in oil prices as venomous for the country’s economy and anti-businesses and industry, Khurshid observed the country is confronted with severe economic crunch and turmoil.

He added the business community has faced countless difficulties owing to the prevailing scenario, saying that running of business and industry was not only made difficult but impossible because of the present economic policies.

The chamber’s president stressed to take relief measures to support the ailing country’s economy, businesses and industry.

However, he noticed the frequent increase in prices of electricity, gas and petroleum products was tantamount to further push the fragile economy toward a complete collapse.

Khurshid viewed that factory owners are compelled to shut their units in the prevalent scenario that has triggered massive unemployment.

He observed every segment of the society has been adversely affected owing to increasing price-hike.

The SCCI chief criticized the government for taking decisions on ‘dictation of IMF’, which couldn’t be suitable for the economy, business and industry. He said it is crucial to formulate independent policies to put the ailing economy on right track.

Furthermore, he asserted Pakistan should pull out the quagmire of foreign debts to become an economically self-reliant nation.

Owing to inconsistency in economic policies, Khurshid noted, the country’s export has dropped while declining foreign exchange reserves, growing trade deficit, coupled with energy and gas crisis are further pushing the country’s feeble economy to a complete destruction.

The SCCI president asked the government to take decisions with full wisdom and due consultation with relevant stakeholders in order to stabilize the ailing economy.

He asked the government to immediately take back the decision of a whopping hike in prices of petroleum products and announce special relief initiatives and incentives for the business community.

The chamber president made it clear that if the government failed to revisit its policies immediately the country would face bankruptcy.

Copyright Business Recorder, 2022