PYMA terms power, fuel prices’ hike detrimental for business

KARACHI: Saqib Naseem, Chairman Pakistan Yarn Merchants Association (PYMA) and Muhammad Junaid Teli, Vice Chairman, Sindh and Balochistan region have termed the sharp rise in prices of petroleum products by Rs 30, excessive power tariff and severe energy crisis as catastrophic for business and industry, and demanded from the government to save industries, especially SMEs, by significantly reduce petroleum products’ prices.

They also requested to reduce utility charges so that trade and industrial activities can be continued without any delay.

They said that the business community is worried about as the SBP has already raised interest rates by 150 basis points (1.5 per cent) to 13.75 per cent, and along with the energy crisis, a sharp rise in petroleum product prices will now break the back of the business community. Therefore, any move that is detrimental to business and industry should be avoided.

Saqib Naseem and Junaid Teli demanded the government to withdraw the recent increase of Rs 30 in petroleum products to facilitate trade and boost trade activities, and take steps to overcome the energy crisis by reducing electricity and gas prices so that business and manufacturing activities can continue unabated.

Copyright Business Recorder, 2022