Karachi: The President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Tariq Yousuf, has expressed deep concern over the alarming increase in petroleum product prices, which will further exacerbate the already soaring inflation and create severe challenges for industries due to unbearable additional business costs.
In a statement, the President of KCCI pointed out that it is extremely worrisome that the price of petrol has increased by Rs. 26 per liter, and diesel prices have surged by Rs. 17.34 per liter, resulting in petrol reaching Rs. 331.38 per liter and diesel reaching Rs. 329.18 per liter, which is unacceptable as it is impossible to run industries at such high costs.
This marks the fourth consecutive increase, and only during the caretaker government’s tenure, the price of petrol has seen an increase of more than Rs. 58 per liter, which will create further problems for the already ailing economy as production activities are facing a significant decline due to rising costs.
He said that people are already overburdened by the recent hikes in electricity rates, and now the extraordinary increase in petroleum product prices has caused severe anxiety and unrest not only among the general public but also in the business and industrial circles.
He stated that considering the economic crises confronting the country, the government will have to take tough measures to generate the required revenue to meet its expenditures and international commitments.
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