The United Business Group (UBG) has expressed serious concern over the recent increase in petroleum product prices and warned about its potential negative impacts on Pakistan’s economy. Petrol prices have been increased by 8.36 rupees per liter, while diesel prices have risen by 10.30 rupees per liter.
Prominent figures including UBG President Zubair Tufail, Khalid Tawab, Hanif Gohar, Syed Mazhar Ali Nasir, and Gulzar Feroze expressed their concern over the sudden increase in fuel prices in an official statement. They say that this increase will put pressure on Pakistan’s fragile economic situation, increase business operating costs, increase transportation and supply costs, and increase inflation in key sectors like food, manufacturing, and services.
The competitiveness of domestic industries will decrease, especially during the current economic difficulties, and an additional burden will be placed.
UBG President Zubair Tufail demanded that the government review the current price structure and consider alternative methods, such as reducing indirect taxes or adjusting import costs, to mitigate the full burden on businesses and consumers. He emphasized the importance of policy stability and cost management to maintain growth in the trade, industry, and investment sectors during these difficult economic conditions.