The business community on Sunday while expressing their concern said continuous oil and gas price spike will increase inflation and reduce economic growth besides increasing the cost of production.
President SAARC Chamber of Commerce and Industries and veteran octogenarian trade leader Iftikhar Ali Malik criticizing the gradual steep hike in oil and gas prices said, “It will depress the supply of other goods because they increase the costs of production.”
He said that ultimately manufacturers are tending to increase the price of goods and services due to spiraling petroleum prices.
He urged the government to arrest the price-increasing trend of petroleum products directly casting a bad impact on already fractured economic growth besides hitting the export target as Pakistan would not be able to compete globally due to increased oil and gas price factor coupled with increased taxation.
Iftikhar Ali Malik said, “Common man is also suffering a lot because commodity prices will also automatically shoot up due to an increase in the input costs.”
He suggested the government freeze the prices of petroleum products, gas, and power tariffs for industries especially export-related and itself bears the burden of price hikes to boost industrial production.
He said how long the industrialists will bear the brunt of oil and gas price fluctuations and finally, the government has to rescue them.
He said only judicious, prudent economic policy and good governance can help steer out the country from looming and hovering crises.
