Industrialists and business community slam hike in prices of Petroleum products

Industrialists and business community of the country have condemned the recent hike in petroleum products in the strictest of terms. 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 is losing attraction for investments.

Businessmen Panel, Secretary General (Federal) and FPCCI Former Chairman Standing Committee, Ahmad Jawad said continues increase in POL prices through rising taxes has come as a big shock for the poor, industrialists and traders.  Jawad said, “We strongly reject the massive hike in petroleum prices and widely demand withdrawal of this decision.

He said that the huge hike in POL price will affect agriculture sector and also export-oriented industry. It is not good news for Pakistan as whenever the oil goes up our economy suffers.

Mohammad Hussan while rejecting the unjustified increase in utility tariffs and POL prices said that the entire industrial sector was already facing multiple internal and external challenges and any new increase in POL prices would further aggravate the economic situation.