The traders and industrialists have urged Prime Minister Yousuf Raza Gilani to withdraw increase in oil prices and chalked out some other strategy for generating revenues. They termed the increase in petroleum prices as "extortion" from the general public, which, they said , will ruin the economy.
They said that when the oil prices had surged to record 147 dollar per barrel price, the prices of POL did not cross the level of Rs 60 per liter and now when the oil prices were prevailing at $112 per barrel the present government increased petrol price to Rs 80.19 per liter, which is sheer injustice to the nation and the economy.
They said that the enormous increase in the prices of petrol and diesel would exacerbate inflation. An exorbitant increase of 9.9 percent would be a major setback, not only to commerce, industry and agriculture, but also to the government. Prices of all the goods produced in the country would go up and fear that power and gas tariffs would also increase.
Middle and lower income group of the society already facing hardship in payment of school and college fees of their kids, meet their day to day expenses, feed them properly and now this increase would force them to eat one time a day, they feared. Vice President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Khalid Tawab said that cost of doing business and transportation charges would go up tremendously due to increase in oil prices. He pointed out that in Punjab industries are using oil to operate units due to non-availability of gas and power. Now they are forced to sustain huge additional cost of oil, he added.
Vice Chairman, Korangi Association of Trade and Industry (KATI) and Chairman Unitary Standing Committee of FPCCI, Jawed Queshi said the government must realize present situation, as the shortage of gas and electricity had already pushed the industries to the brink of closure and flight of capital taking place owing high gas and power tariffs, prevailing law and order condition and many other factors.
He said that the recent increase in oil prices would have multiple impact of cost of production and cost of transportation. Qureshi said that Pakistan is already facing tough competition in international market and fear that Pakistan may face hard time to get new export orders. Chairman Site Association of Industry (SAI), Wahab Lakhani said that increase in petroleum price would have multiple impacts on cost of production and transport.
He claimed that "it will prove to be the last nail in the coffin of Pakistani industries." Price of every item including yarn and polyester would go up considerable, he said. He expressed the fear that high cost of goods will create unrest among industrial works.
President Site Superhighway Association of Industry (SSAI), Raja Mohammad Ilyas criticises increase in petroleum prices. He noted that Bangladesh economy is booming as they managed to keep oil prices, power and gas charges at lower level compared to other countries in the region. He said that prices of all the goods produced in the country would go up considerably due to increase in oil prices.
Comments
Comments are closed for this article.