Adverse effects of surge in oil prices: FCCI urges govt to take measures

FAISALABAD: President of the Faisalabad Chamber of Commerce and Industry (FCCI), Farooq Yousaf Sheikh, has expressed concern over the extraordinary rise in global oil prices, which has led to a significant increase in the cost of transportation, production and export shipments in the country.

He urged the government to take immediate measures to mitigate the adverse effects of the surge in oil prices.

He said that the government was already planning to increase the country’s oil reserves; however, the plan needed to be finalised at the earliest. He also called for effective measures to ensure an uninterrupted supply of oil and gas.

Farooq Yousaf Sheikh said that Pakistan’s domestic oil and gas production was currently very limited, forcing the country to rely heavily on imports from the Gulf countries.

He further said that, owing to Pakistan’s friendly relations with these countries, the country was procuring substantial quantities of oil from Saudi Arabia and other countries at concessional rates or on deferred payment terms. Pakistan could also purchase oil from other countries, but such imports would require immediate payment.

He termed the situation challenging but stressed that the government must nevertheless find a permanent and sustainable solution to the issue. He said such measures were essential not only to provide relief to the general public but also to reduce the cost of industrial production and ensure the continuation of the country’s exports.

Copyright Business Recorder, 2026