KARACHI: Industrialists have strongly criticized the recent hike in petrol and diesel prices, calling it contradictory to the government’s economic transformation agenda. They urged Prime Minister Shehbaz Sharif to intervene and roll back the increases to align with the “Uraan Pakistan” initiative.
As per a notification by the finance ministry, the price of high-speed diesel (HSD) was raised by Rs2.96 per litre, reaching Rs258.34, while petrol saw a smaller hike of Rs0.56, now priced at Rs252.66 per litre. The Oil and Gas Regulatory Authority (OGRA) attributed the increase to international market fluctuations.
SITE Association of Industry (SAI) President Ahmed Azeem Alvi expressed dismay, highlighting that the hike came within 24 hours of the prime minister’s announcement of the five-year “Uraan Pakistan” plan, which aims to foster economic growth, boost exports, and address industrial challenges. Alvi criticized the decision as a significant setback, asserting that such actions undermine the vision for sustainable development.
Federal B Area Association of Trade and Industry (FBATI) President Shaikh Muhammad Tehseen called for reducing petroleum taxes to ease the financial burden on businesses and citizens. He noted that rising utility costs, coupled with consistent petroleum price hikes, have worsened inflation, increased production costs, and strained small and medium enterprises.
Former HCSTSI President Muhammad Farooq Shaikhani denounced the increase as exploitative, further aggravating inflation and eroding public purchasing power. He urged the government to reverse the decision and prioritize policies that alleviate economic hardships.
Industrialists stressed that unchecked price hikes not only harm businesses but also fuel public distrust in the government, urging swift action to ensure economic stability and support for the nation’s industries.
Story by Gohar Ali Khan
