The KATI chief underscored the importance of taking effective measures to control production costs and inflation at the government level.
The recent price hike would escalate inflation further, leading to financial strain on the working class due to increased public transport fares, higher electricity and gas bills, and rising commodity prices,” he said.
“The soaring petrol prices would also contribute to the increased cost of transportation and cargo shipments, putting additional pressure on industries already struggling to cope with the existing challenges.”
The country’s top business leaders denounced the government’s decision to sharply increase the prices of petrol and diesel, saying it would hurt the economy and the people.
The Federation of Pakistan Chambers of Commerce & Industry, which represents more than 250 chambers, associations and trade bodies, said the move would fuel inflation, raise the cost of living and doing business, and make Pakistani products less competitive in the global market.
The government announced late Monday that it was raising petrol prices by 7.8 percent to Rs272.95 rupees per liter and diesel prices also by 7.8 percent to Rs273.40 per liter, effective from Tuesday. It cited the rising international oil prices and the depreciation of the rupee as the main reasons for the hike.
Irfan Iqbal Sheikh, president FPCCI, said the hike would further fuel inflationary pressures, resulting in a further increase in the cost of living and the cost of doing business, which is already the highest in the entire region.
