‘Relentless surge in fuel prices would make businesses unsustainable and unviable’
Moqeem stresses revision in petroleum prices, steps for ease of doing business, industrial growth.
Sarhad Chamber of Commerce and Industry reacted sharply over the yet again significant fuel price hikes, stating that the rising prices will not only increase industrial costs, but also erode competitiveness of Pakistani goods in the global market.
Fazal Moqeem Khan, president, Abdul Jalil Jan, senior vice president and Shehryar Khan, vice president and members of the SCCI’s executive committee in a joint statement issued here on Friday described the hike as a “ticking time bomb” that will set off another wave of inflation.
Businesses already grappling with severe inflationary pressures, are now facing the looming threat of closures, the senior office bearers said.
They strongly rejected the massive hike in the prices of petroleum products effective from July 16, i.e. petrol Rs 5.36 per litre to make it Rs272 per litre and high speed diesel Rs11.37 per liter to take it to 284.35per litre.
Senior office bearers stated it was witnessing a visible increase in the transport fares after the in fuel price hike, resultantly prices of essential food items have also jumped up that will bring a new ‘tsunami of inflation’ and commodities would become completely out from purchasing power of common man and break back of the inflation-hit people and business community.
The business leaders feared very tough days ahead for consumers, warning of a sharp increase in the prices of food items due to the unprecedented increase in petrol and diesel rates in the last one month.
They criticized government policymakers for treating fuel pricing as a convenient “fiscal shortcut” that destabilizes the broader macroeconomic foundations.
SCCI leaders emphasized how petrol has transformed from a basic necessity into a daily financial burden, driving up transport costs, electricity bills, and prices of consumer goods nationwide.
Senior office bearers stated the relentless surge in fuel prices, electricity and gas would make businesses unsustainable and unviable.
They continued to say the massive hike in petroleum rates is putting financial and mental stress on the poor besides soaring production costs, which may cause joblessness in case of industrial shutdown.
SCCI chief expressed serious concern over imposition of Rs2.25 per litre as climate support levy on petroleum products, stating that government has set a revenue target of Rs1.47trillion in current fiscal year 2025-26, with 27 percent increase in the target as compared to previous financial year 2024-25.
Fazal Moqeem demanded immediate abolishment of the climate support levy on petroleum products.
SCCI office bearers urged the government to immediately withdraw the massive hike in petroleum products and provide relief and special incentives to pave way for ease doing business and industrial growth in a real sense.
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