AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The Korangi Association of Trade and Industry (KATI) has voiced strong opposition to the recent increase in petroleum prices announced by the government. Junaid Naqi, the association’s president, highlighted the significant impact of the Rs 5.36 per liter rise in petrol and Rs 11.37 per liter increase in high-speed diesel, pushing the prices to Rs 272.15 and Rs 284.35 per liter, respectively.
Naqi described the price surge as unjustified, pointing out its potential to devastate the industrial sector by escalating production costs. He emphasized that the increased fuel prices have led to higher transportation expenses, threatening the sustainability of industrial operations.
He warned that if production costs are not controlled, Pakistani products could lose their competitive edge in international markets. Naqi noted that regional competitors such as India and Bangladesh are already outpacing Pakistan due to lower production costs.
Criticizing the government’s approach, Naqi stated that traders and manufacturers are being overburdened by excessive electricity, gas, and fuel costs, in addition to rising taxes. He urged the government to take meaningful actions to support the business community and enhance industrial facilitation.
The KATI president stressed the need for immediate cost reductions to boost exports. He warned that rising transportation expenses have severely impacted manufacturers, and without addressing these issues, increasing global competitiveness is unattainable.
Naqi called on the government to reverse the recent petroleum price hikes to prevent industrial shutdowns, further inflation, and rising unemployment. He pointed out that expensive fuel disproportionately affects the common man, as transporters pass on the costs by increasing freight charges and public transport fares.
He highlighted the dire situation of record-high inflation, poverty, and unemployment, noting that the cost of essential commodities has become unbearable for lower-income groups. Naqi urged the government to take proactive measures to mitigate the fallout of further fuel price increases.
Additionally, Naqi emphasized the need to lower logistics costs amid soaring freight rates and shipping expenses. He insisted that the industry cannot absorb these increases any longer.
To address these challenges, Naqi called for government consultation with key stakeholders, reduction in tax rates for export-oriented sectors, and immediate measures to support industrialists and exporters. He argued that only through these actions can Pakistan enhance exports, boost national income, and reduce reliance on external debt.