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Islamabad, The ongoing surge in Liquefied Petroleum Gas (LPG) prices is significantly impacting citizens, particularly in Pakistan’s northern regions where harsh winters escalate the demand for fuel. This situation has raised concerns about the affordability of LPG for heating and cooking purposes, according to a recent statement from Dr. Shahid Rasheed Butt, former President of the Islamabad Chamber of Commerce and Industry (ICCI).
According to Islamabad Chamber of Commerce and Industry , Dr. Butt highlighted the growing inaccessibility of LPG cylinders for ordinary people. He suggested that eliminating taxes on LPG during winter could be a solution, allowing domestic consumers to access cheaper fuel. Dr. Butt emphasized that without control over LPG prices, the reliance on wood for heating and cooking would increase, posing significant health and environmental risks.
Dr. Butt also noted the contrast between the decreasing global prices of crude oil and the steady prices of petrol in Pakistan, which defies market expectations. This discrepancy, along with the steep hike in natural gas prices, has led to protests from industrialists. He urged for serious consideration of these issues, emphasizing the necessity for immediate action.
Highlighting the economic challenges facing Pakistan, Dr. Butt stated that the country is among the 54 nations needing debt relief. The rapid increase in poverty, compounded by inflation and restrictions from the International Monetary Fund (IMF), has hindered the government’s ability to provide relief to its people. He pointed out that Pakistan’s escalating debt, which is projected to reach 820 trillion rupees by June 30, 2024, is unsustainable, with new loans being utilized to pay off existing debts.
Furthermore, Dr. Butt stressed the need for Pakistan to attract Foreign Direct Investment (FDI) and climate financing. As one of the countries severely affected by climate change, Pakistan faces challenges like extreme temperatures, glacier disappearance, and severe flooding. The recent floods, affecting over 35 million people, have created a nearly $20 billion deficit in the economy. Dr. Butt emphasized the urgent need for foreign funding by 2030 to address these climatic and economic challenges.
The post LPG Price Hikes Impacting Citizens, Former ICCI President Advocates Tax Relief and Debt Solutions appeared first on Pakistan Business News.