Faisal Moiz Khan, the President of the North Karachi Association of Trade & Industry (NKATI), has expressed deep concerns regarding the recent surge in domestic petroleum prices.
In a statement issued on Wednesday, Khan urged Prime Minister Imran Khan to reconsider the decision and take steps to alleviate the impact on businesses and the economy.
Highlighting the potential repercussions of the increased petroleum prices, Faisal Moiz Khan emphasized the adverse effects on both local industries and export-oriented sectors. He called for immediate action to control inflation and reduce the cost of industrial production, asserting that the surge in prices would significantly escalate production costs, negatively impacting various sectors.
“Making it easier to do business and promote industrialization is the vision of the Prime Minister. On the contrary, the government is taking steps to make business difficult and shut down industries, raising concerns among the business and industrial community,” Khan pointed out.
Expressing his apprehension over the cumulative effect of expensive electricity, gas, and now petroleum products, Khan questioned the feasibility of sustaining industries under such financial strain. He underscored the need for the government to align its policies with its rhetoric of supporting industries and facilitating economic growth.
“The government talks of providing facilities to industries to increase exports but in practice problems are being created instead of facilities. If the government really wants to stabilize Pakistan’s economy and promote industries, then reducing the prices of petroleum products, including utility charges, is imperative,” said Faisal Moiz Khan.
The NKATI president’s appeal reflects the broader sentiment within the business and industrial community, which is grappling with the challenges posed by rising costs. The call for a reduction in petroleum prices aligns with the vision of Prime Minister Imran Khan to create an enabling environment for businesses and boost economic stability.
The affordability of utility services and raw materials is pivotal for industries to remain competitive and contribute to economic growth. Faisal Moiz Khan’s plea emphasizes the urgency of addressing these concerns to ensure the sustainability of businesses and the realization of Prime Minister Imran Khan’s vision for a thriving and stable Pakistani economy.
As the government grapples with economic challenges, the response to such appeals will likely shape the trajectory of policies affecting businesses and industries in the coming months. The delicate balance between addressing inflation, supporting industries, and maintaining fiscal responsibility remains a key consideration for policymakers.
