KARACHI: Saqib Naseem, Chairman Pakistan Yarn Merchants Association (PYMA), Muhammad Junaid Teli, Vice Chairman, Sind & Balochistan region, have termed the sharp rise in prices of petroleum products by Rs 30, excessive power tariff and severe energy crisis as catastrophic for business and industry, and demanded from the government to save industries, especially SMEs, from catastrophe by significantly reduce Petroleum prices. They also requested to reduce utility charges so that trade and industrial activities can be continued without any delay. In a statement, PYMA office-bearers said that the business community is worried as the SBP has already raised interest rates by 150 basis points (1.5 per cent) to 13.75 per cent, and along with the energy crisis, a sharp rise in petroleum product prices will now break the back of the business community. Therefore, any move that is detrimental to business and industry should be avoided. Our Correspondent
