LAHORE: President of the Lahore Chamber of Commerce & Industry, Faheem Ur Rehman Saigol, has expressed serious concern over the massive increase in petroleum prices, stating that the unprecedented hike will severely impact Pakistan’s economy, industrial productivity and the cost of living.
In a statement issued here on Friday, Faheem Ur Rehman Saigol said that the sharp rise in petrol and diesel prices will trigger a new wave of inflation, increasing transportation costs, production expenses and prices of essential commodities across the country. He said that the business community is already facing multiple economic challenges, including high energy tariffs, expensive financing and declining purchasing power, and the latest fuel price increase will further aggravate the situation.
The LCCI President noted that industries, particularly small and medium enterprises, will face serious operational difficulties as fuel costs directly affect supply chains, logistics and manufacturing processes. He warned that higher production costs may reduce industrial competitiveness in export markets at a time when Pakistan needs to boost exports to stabilize the economy.
Faheem Ur Rehman Saigol urged the government to immediately review the decision and introduce relief measures for industry and the general public. He suggested rationalizing petroleum taxes and levies to minimize the burden on businesses and consumers.
Meanwhile, President of Pak International Business Forum, Dr. Mushtaq Mangat, Secretary General Muhammad Ejaz Tanveer, and Chief Organiser Lahore Muaz Qazi have strongly reacted to the massive increase in petroleum (POL) prices announced last night, terming it a devastating blow to businesses and the already struggling economy.
In a joint statement, the PIBF leadership said that the sharp hike in fuel prices has immediately intensified the cost pressures on the business community. They noted that with this increase, transportation and production costs have already surged, making it extremely difficult for industries to operate efficiently.
They stated that the industrial sector, which is already grappling with high energy tariffs and heavy taxation, has been pushed further into distress. “This abrupt increase has brought industrial activity under severe strain and risks slowing down production across multiple sectors,” they remarked, adding that small and medium enterprises (SMEs) are facing acute financial stress and losses.
Copyright Business Recorder, 2026
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