Category: Trade & Industry

Karachi, April 1, 2024 – The recent surge in petrol prices has sparked outrage within the industry, with stakeholders warning of dire consequences for the economy and the general populace. Amidst mounting concerns over inflation and economic hardships, industry leaders are calling for immediate action to address the burgeoning crisis.

The Korangi Association of Trade and Industry (KATI) has emerged as a vocal critic of the sharp increase in petrol prices, denouncing it as a blow to businesses and households already grappling with financial strains. President Johar Qandhari led the charge, lambasting the government’s decision and demanding tangible relief measures for affected sectors.

Qandhari minced no words in expressing his disappointment, particularly in light of the 9.66 rupees hike in petrol prices. He warned that such exorbitant increments would only exacerbate the economic woes of the working class and vulnerable segments of society, potentially pushing more individuals below the poverty line.

While acknowledging the marginal reduction in diesel prices by 3.32 rupees, Qandhari asserted that this token gesture fell short of addressing the overarching challenges faced by industries reliant on transportation and logistics. He cautioned that without substantial decreases in diesel costs, the promised benefits would remain elusive for both businesses and consumers alike.

The ripple effects of the petrol price surge were not lost on Qandhari, who pointed to the inevitable consequences of increased transport fares, elevated utility bills, and inflationary pressures on essential commodities. He emphasized the urgent need for decisive action to alleviate the economic strain inflicted on businesses and households.

Beyond immediate concerns, Qandhari underscored the broader ramifications of inflation, ranging from dwindling job opportunities to the specter of industrial closures and dwindling investment. He implored the government to implement comprehensive measures aimed at reining in production costs and effectively curbing inflationary trends.

In a gesture of optimism tinged with skepticism, Qandhari expressed hope that the government would heed the cries of the populace and undertake substantive steps to mitigate their hardships. The onus, he emphasized, lay squarely on policymakers to deliver meaningful relief in the face of mounting economic challenges.

As industry voices unite in condemnation of the petrol price hike, the ball now rests in the government’s court to chart a course of action that balances fiscal prudence with social responsibility. The stakes are high, and the clock is ticking as businesses and households brace for the impact of soaring fuel costs on their already strained budgets.

Karachi: The industrial sector in Pakistan has called upon authorities to take decisive action in abolishing Section 8B of the Sales Tax Act, 1990, asserting that such a move is crucial for fostering industrial growth in the country.

(more…)