The United Business Group (UBG) today voiced serious apprehension regarding the latest fuel price escalation, with petrol and diesel costs surging by Rs 8.36 and Rs.10.30 per liter, respectively.
UBG leaders, including Zubair Tufail, Khalid Tawab, Hanif Gohar, and Syed Mazher Ali Nasir, cautioned that this substantial increase will exacerbate Pakistan”s delicate financial situation. They argued higher fuel costs will elevate business expenditures, inflate transportation and logistics charges, and drive up prices across crucial sectors like food production, manufacturing, and service provision.
The group warned this action will disproportionately burden small and medium-sized businesses (SMEs), diminish the competitiveness of domestic companies, and strain the public, particularly during a period of economic vulnerability.
UBG President Zubair Tufail called upon the government to reassess its pricing strategy and investigate alternative measures, such as lowering indirect levies or streamlining import expenses, to mitigate the impact on businesses and consumers.
The group stressed the need for consistent policies and expense management to bolster commerce, investment, and industrial output during these demanding financial times.