KARACHI: Saqib Naseem, Central Chairman Pakistan Yarn Merchants Association (PYMA) and Muhammad Junaid Teli, Vice Chairman Sindh & Balochistan region, while expressing serious concerns over the sharp rise in the petroleum prices, have appealed to Prime Minister Imran Khan to significantly reduce in the petroleum prices in the best economic, industrial and public interest of the country, so that the business and industry can survive in Covid-ridden economy.

They said that despite the dire economic situation caused by the Covid-19 pandemic, the sharp rise in prices of petroleum products by the government was a matter of grave concern to the business community, as the increase in the prices of petroleum products is not only a sign of a huge increase in inflation but also causes a huge increase in the production cost of business and industry.

They said, "Raw materials for industries in particular, whose prices have already skyrocketed, will now rise to unbearable levels with the government's recent move, which will destroy industries, especially SMEs, and increase unemployment in the country."

Copyright Business Recorder, 2021