Karachi
\nAsif Sakhi, Vice President Federation Pakistan Chambers of Commerce & Industry (FPCCI) and Chairman of the Businessmen Panel Progressive Karachi, has expressed deep disappointment over the unprecedented hike in petroleum product prices, terming it disastrous for the national economy, businesses, and industry.
\nIn a statement, Asif Sakhi said petrol prices have surged from Rs258 to Rs458 per litre \u2014 a staggering 77 percent increase. \u201cThis decision will sharply raise production costs, making Pakistani goods even less competitive in global markets,\u201d he warned.
\nMr. Sakhi pointed out that regional competitors such as India, Bangladesh, China, and Vietnam have raised fuel prices by only 2 to 10 percent, while Pakistan\u2019s increase stands at 77 percent. \u201cOur exports are already under pressure. Between January and March, exports fell by 12 percent, while in the first nine months of the fiscal year, they dropped by 8 percent.
\nThis hike will worsen the decline,\u201d he said.
\nHe urged the government to immediately withdraw the decision and promote alternative energy sources such as ethanol, a by-product of Pakistan\u2019s sugar industry. \u201cEthanol can provide a sustainable energy solution, but the government must create a proper mechanism to support it,\u201d he stressed.
\nAsif Sakhi cautioned that if the decision is not reversed, inflation will spiral further, crushing the poor. He demanded that the government announce an immediate increase in minimum wages to offset the burden. \u201cOtherwise, the coming storm of inflation will engulf the common man,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi Asif Sakhi, Vice President Federation Pakistan Chambers of Commerce & Industry (FPCCI) and Chairman of the Businessmen Panel Progressive Karachi, has expressed deep disappointment over the unprecedented hike in petroleum product prices, terming it disastrous for the national economy, businesses, and industry. In a statement, Asif Sakhi said petrol prices have surged from Rs258 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-539868","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n