PYMA asks PM for significant reduction in petroleum prices

Karachi, October 25, 2021: Saqib Naseem, Central Chairman Pakistan Yarn Merchants Association (PYMA), Muhammad Junaid Teli, Vice Chairman, Sindh & Balochistan region, while expressing serious concerns over the sharp rise in the petroleum prices, have appealed to Prime Minister Imran Khan to significantly reduce in the petroleum prices in the best economic, industrial & public interest of the country, so that the business & industry can survive in COVID-ridden economy.

In a statement, the PYMA office-bearer said that despite the dire economic situation caused by the COVID-19 pandemic, the sharp rise in prices of petroleum products by the government was a matter of grave concern to the business community, as the increase in the prices of petroleum products is not only a sign of a huge increase in inflation but also cause a huge increase in the production cost of business & industry.

They said, “Raw materials for industries in particular, whose prices have already skyrocketed, will now rise to unbearable levels with the government’s recent move, which will destroy industries, especially SMEs, and increase unemployment in the country.”

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Saqib Naseem, Junaid Teli appealed to Prime Minister Imran Khan to reverse the recent rise in petroleum prices, and significantly reduce prices to make it easier to do business and run industries. They also requested the Prime Minister to review the economic situation of the country and direct the economists to formulate policies according to the ground realities so that steps can be taken to make the country economically stable and prosperous.

Otherwise, in the current situation, it will be very difficult for traders to do business and for industrialists to run industries, which will be a severe blow to the country’s exports.

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