The All Pakistan Business Forum (APBF) has criticised the government for increasing fuel prices as it will lead to increase in cost of production. APBF President Ibrahim Qureshi said that though the prices of oil in global market is going up yet the authorities can keep the rates stable by reducing tax ratio which is highest in the region.
Ibrahim Qureshi, while terming it a bad news for the country's economy, which is already facing a number of challenges, said that the increase would put extra burden on the consumers. He said the rates for kerosene oil and light diesel have also been increased.
He said that APBF had always been calling on the concerned government circles to take measures for the promotion of alternate fuels as trade deficit was fast widening due to heavy imports under the head of petroleum products. He said that rise in Petroleum prices are bound to give a further blow to the industry.
However, the APBF president appreciated Prime Minister Nawaz Sharif for announcing Rs 180 billion package for the revival of export-oriented industries, which should be implemented without any further delay along with stability in fuel prices as well as all energy inputs.-PR
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