KARACHI: The industrialists and traders on Wednesday have strongly criticized government decision to increase price of petroleum products and CNG.

They 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 was losing attraction for investment and this situation would further destabilize the economy.

The industrialists and traders said the increase in fuel prices would affect the prices of other commodities, causing further inflation in the country and urged the government to take back the recent increases.

Mohammad Ali, an industrialist from Site area has criticized the increase in the oil and gas prices commenting that the federal government has bombed the general public and manufacturing sector and by announcing the unmatched increase in oil and CNG that was unbearable and unacceptable for everyone.

He termed the raise as an unwise that would increase transportation charges and ultimately cost of doing business and consequently hit industrial production and affect exports.

Another industrialist from North Karachi, Mohsin while terming the decision as one-sided, criticized the apathetic and lackadaisical attitude of the concerned quarters.

He was of the view that it is mini budget and added that such harsh decision may result in widespread discontentment in the business community.