KARACHI: Muhammad Kamran Arbi, President of SITE Association of Industry (SIA), has said the recent increase in POL prices is tragic for the industry & economy, appealing the Prime Minister Mian Muhammad Shehbaz Sharif to take necessary measures to curtail increase in POL products every fortnight; otherwise, it will become more difficult to run factories due to constantly rising cost of production.

In his appeal to the PM, Kamran Arbi added that since past three months, the POL prices are being revised upward frequently, which is adding to the already high cost of living. It will put extra financial burden on masses, already hard pressed due to very high inflation. It will also directly impact cost of doing business and increase in cost of production.

He said that increase in the prices of utilities again & again is already impeding industrial activities to a great extent, and the current increase in POL prices is bound to stop the wheels of industry. It will ultimately result in decline in exports and mass unemployment.

SAI president stressed the need to formulate policies in consultation with stakeholders and avoid taking any step having negative impact on the industries, trade and national economy as a whole.

Copyright Business Recorder, 2024