The increase in petroleum prices has broken the back of the industrial sector

Sheikh Tahseen, President of Federal B Area Association of Trade and Industry (FBATI), has strongly reacted to the recent increase in the prices of petroleum products and said that this increase is nothing less than a disaster for the industrial sector. He said that in other Asian countries including Sri Lanka, Bangladesh and Vietnam, where petroleum prices have increased to a modest extent, continuous and extraordinary increases are being made in Pakistan, which is pushing us far behind in competition.

According to Sheikh Tahseen, the petroleum levy agreement between the government and the IMF has brought industries to the brink of disaster. At present, the government is collecting about Rs 160 per liter as levy and another Rs 29.92 paise has been added to the recent increase. Due to the 93 percent increase in the price of diesel, transport fares have increased by 40 percent, which has increased the cost of production to an alarming extent.

The FBATI President warned that if the current situation continues, inflation will touch new heights in the coming days, factories are moving towards closure and exports of Pakistani products are also being affected. He demanded the government to hold effective negotiations with the IMF to save the industrial sector from further damage.