Industry

SITE industrialists demand to withdraw hike in Petroleum prices

Karachi, June 17, 2022: Abdul Rashid, President, Site Association of Industry, Karachi, while expressing deep concern over the increase in prices of petroleum products by Rs 59, has demanded Prime Minister Shehbaz Sharif, Finance Minister Miftah Ismail and Minister of State for Petroleum Division Senator Musadik Masood Malik to withdraw hike in POL prices and another alternative solution must be found to cover the country’s deficit.

In an appeal, SAI President said that the government always cares of IMF but the people of the country do not care. As a result of the increase in POL prices, people are facing high inflation.

Abdul Rasheed said that the price of petrol was increased by Rs 84 per liter and diesel by Rs 129 per liter in 18 days. This has had a huge impact on production activity as due to the hike in petrol, diesel prices, the production costs have risen significantly, which will adversely affect the country’s exports.

Production activities were already severely affected due to shortage of electricity, gas and excessive tariffs, and now every 15 days the huge prices of petroleum products will ruin industrial activity.

Abdul Rasheed feared that if the increase in prices of petroleum products is not reversed, the industrial wheel will be jammed which will lead to increase in unemployment and decrease in exports.

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