Businessmen reject massive hike in petroleum products prices

ISLAMABAD, Sep 18 (Online): The Federation of Pakistan Chambers of Commerce and Industry’ Businessmen Panel, while rejecting the massive increase of up to Rs5.92 per litre, has urged the government to withdraw the decision of hike in prices of petroleum products, as the move will hit the industry hard.

In a statement issued here Saturday , the FPCCI Businessmen Panel chairman Mian Anjum Nisar observed that the burden of the surge in oil price in the international market is immediately transferred to masses by the government but the process of reduction in the prices is always very slow, he noted.

He said that the economy of Pakistan, particularly the SMEs are striving to deal with the post-corona economic crunch and need to get support. Instead of providing subsidies or waivers, it is unjust to overburden the industries with hike in cost of production. An increase in petroleum products costs will further weaken the economic environment which is already under threat on various fronts.