The industrialists and traders have strongly criticized the government decision to increase price of petroleum products and said that repeated increase in the prices of oil and gas in recent past has badly eroded Pakistan's competitiveness due to which the country is losing attraction for investment and this situation will further destabilize the economy.
They said petroleum prices were already at the highest level and any further increase would prove the last straw that breaks the camel's back.
They said that the prices of petrol have once again gone up. The government is running at the mercy of God. The present government has nothing to do with common people and industry. Let prices skyrocket but this government has no care for the industry, export and common people.
They said that unabated and frequent increases in POL prices and utilities' tariff have already broken the backbone of the business community but despite big uproar by the trade and industry and even entire nation, the government is firm in its anti-economy and anti-nation decisions.
Businessmen Panel, Secretary General (Federal) and FPCCI Former Chairman Standing Committee, Ahmad Jawad said continues increase in POL prices through rising taxes has come as a big shock for the poor, industrialists and traders.
Jawad said, "We strongly reject the massive hike in petroleum prices and widely demand withdrawal of this decision since consecutive increases are adding to the distress of the business community in particular and the public in general, precisely before Eid ul Adha.
He said that the huge hike in POL price will affect agriculture sector and also export-oriented industry. It is not good news for Pakistan whenever oil goes up our economy suffers, he added.
Though oil prices in the international market didn't have gone up on that level as compared to recent past but why is the government not bringing down the number and ratio of duties and taxes imposed on petroleum products besides reducing non-development expenditure of the state instead of imposing high rates on POL prices and on Wednesday the finance ministry move is a novel example in this regard, he deplored.
He said the industrial sector will be the immediate victim of the hike in POL prices as it is one of the major raw materials for industries.
Jawad also said after the depreciation of exchange rate and now with the move of new POL prices, Industrial production and movement of raw materials and trading goods will be more costly and reduce the competitiveness of Pakistani goods in the international market and put the government's initiatives in reverse for boosting exports.
Mohammad Hussan while rejecting the unjustified increase in utility tariffs and POL prices said that the entire industrial sector was already facing multiple internal and external challenges and any new increase in POL prices would further aggravate the economic situation.
He said that the present government is constantly making cruel decisions to raise petroleum and other utilities prices to increase the woes of masses in order to continue with its lavish expenses instead of reducing its luxuries.
Khalid Mehmood said that how exports can would meet their commitment in the international market as they are unable to count to manufacture due to high piece of industrial inputs.
Another industrialist said petroleum prices were already at the highest level and any further increase would prove the last straw that breaks the camel's back.
He said the increase would hit all sectors of the economy that would jack up the inflation and resultant hike in mark-up rates and disturb the entire economic cycle.
If the fuel would be heavily price the entire economy would suffer and the same happened in Pakistan as the repeated increases in the POL prices had ruined the industrial and economic activities.
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