LAHORE: In a recent statement, Atif Ikram Sheikh, President of FPCCI, emphasized the necessity for the government to maintain stability in petroleum prices, particularly amidst the recent international developments. He pointed out that despite a $1 decrease in oil prices per barrel and a relative calm in the West Asian region following the Iran-Israel conflict, the government opted to raise petrol prices by PKR 4.53 per litre, bringing the rate to PKR 293.94 per litre; similarly, the price of High Speed Diesel (HSD) increased by PKR 8.14 per litre to Rs290.38.

Highlighting the rapid succession of price hikes, Sheikh noted that the government had previously raised petrol prices by PKR 9.66 per litre just two weeks prior, resulting in a cumulative increase of 5% within a short span. He argued that the government had ample room to absorb minor fluctuations in international oil prices, especially considering the stabilization of the rupee-dollar parity and significant foreign exchange deposits by Saudi Arabia to bolster Pakistan’s reserves.

Moreover, Sheikh stressed the potential adverse effects of continued petrol price hikes on essential commodities and inflationary pressures. He urged the government to recognize the challenges faced by businesses due to increased operating costs resulting from higher petroleum prices.

Copyright Business Recorder, 2024