DNA
\nISLAMABAD
\nPresident Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday asked the Prime Minister Imran Khan to reverse the substantial hike in the price of petroleum products.
\nA sharp increase in prices of petroleum products would hit masses, increase the cost of doing business and damage production as well as exports, he said.
\nThe business leader said that in the last few months masses have been burdened by trillions of rupees which has also shaken the confidence of the business community.
\nThe masses and the businessmen are not willing to sacrifice more for the inefficiency of different departments, he said.
\nMian Zahid Hussain said that the hefty increase in the price of oil will result in inflation and unemployment while many local products will become uncompetitive in the international market.
\nThe burden of increasing fuel prices in the international market is immediately put on the masses breaking their back while the benefit is not transferred if the prices recede which is not a good policy, he noted.
\nHe said that repeated currency devaluations and an upward revision in fuel prices are contrary to the government\u2019s claim of improving the life of masses and providing a better climate to businesses.
\nThe rupee has already lost 35 percent value against the dollar, people are suffering from high inflation and oil price rise would further squeeze masses and compromise businesses which may lead to unrest, he warned.
\nHe said that such an exorbitant increase will put industrial expansion plans on hold, trigger unemployment and unhappiness and damage every facet of the economy.
\nThe veteran business leader said that the mechanism to fix energy prices is not transparent and the reasons given to increase are mostly unconvincing.
\nHe said that petrol jumped above Rs100 per litre in 2013-14 when the oil price in international market crossed $100 per barrel, now it is traded at almost $68 per barrel, therefore, the proposed hike is not justified.
\nThe government recently allowed a massive increase in the prices of petroleum products as the price of petrol was raised by Rs9.42 to Rs108.31 and kerosene price lifted by Rs7.46 per litre to Rs96.77.
\nThe government also increased the sales tax on the motor spirit by 10 percent, high-speed diesel by 4 percent, kerosene oil by 9 percent and light diesel oil by 8 percent which is unjustified.<\/p>\n","protected":false},"excerpt":{"rendered":"
DNA ISLAMABAD President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday asked the Prime Minister Imran Khan to reverse the substantial hike in the price of petroleum products. A sharp increase in prices of petroleum products would […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-62860","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n