President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), AtifIkram Sheikh, has criticized the recent 5% increase in petrol prices within two weeks.
Despite a decline in international oil prices and stable economic indicators, the government raised petrol rates by Rs. 4.53 per liter and high-speed diesel by Rs. 8.14 per liter, totaling a significant hike in a short span. Sheikh highlighted the stability in the rupee-dollar parity and increased foreign exchange deposits by Saudi Arabia as factors that should have prompted the government to maintain petroleum prices.
He emphasized that such hikes could lead to inflationary pressures on essential commodities, affecting the cost of doing business. The FPCCI chief underscored the need for the government to address import issues related to Russian crude oil, which could offer substantial cost savings. SaquibFayyazMagoon, Senior Vice President of FPCCI, urged for a reduction in key policy rates and the introduction of competitive export finance schemes to support exporters amidst improving inflation trends.
