The recent significant increase in petrol and diesel prices by the government has drawn severe criticism from the Korangi Association of Trade and Industry (KATI). KATI President, Muhammad Ikram Rajput, warned that this hike is extremely detrimental to industrial operations and the nation’s employment landscape.
Mr. Rajput highlighted the alarming increase of Rs. 26.77 per liter in petrol price, bringing its new price to Rs. 393.35, while diesel now stands at Rs. 380.19 per liter. He claimed that such an extraordinary surge in energy costs would inevitably escalate production expenses.
He explained that this rise in production costs would not only lead to an increase in the prices of essential commodities in the domestic market but also adversely affect the country’s export competitiveness.
The KATI President appealed to the government to consider reducing levies and other charges on petroleum products to make them more accessible to the common people, as the current pricing structure is becoming unsustainable for the average consumer.
He further added that under the current circumstances, maintaining operations has become an increasing struggle for industries. Rajput suggested that a reduction in taxes and duties on fuel could result in more affordable prices, providing a positive impetus to the entire economy.
Mr. Rajput pointed out that the business community is already grappling with high electricity tariffs, elevated interest rates, and other financial hurdles. He warned that this latest increase in fuel prices would create further difficulties for industrialists.
Consequently, he requested the government to immediately review its decision and take swift measures to provide relief to the industrial and commercial sectors. The KATI leader warned that a continuous upward trend in production costs could lead to a slowdown in local manufacturing, endangering both economic stability and job creation.