SITE Industries Shun Petroleum Price Hike

SITE Industries Shun Petroleum Price Hike

KARACHI: Muhammad Kamran Arbi, President of the SITE Association of Industry, has voiced strong opposition to the recent increase in petroleum prices, labeling it as detrimental to both the industry and the overall economy.

In a press statement, Arbi urged Prime Minister Mian Muhammad Shehbaz Sharif to intervene and implement measures to mitigate the frequent hikes in petroleum products, warning that continued escalation could severely impact factory operations due to rising production costs.

Arbi expressed deep concern over the consistent upward revisions in petroleum prices over the past three months, emphasizing the adverse effects on the cost of living and the financial burden it imposes on the masses already grappling with inflation. He highlighted the direct correlation between rising utility prices and the increased cost of doing business, asserting that the latest hike in petroleum prices would further exacerbate the challenges faced by industries.

The president of the SITE Association of Industry underscored the potential repercussions of escalating petroleum prices, warning of a significant slowdown in industrial activities and a subsequent decline in exports. Arbi cautioned that prolonged increases could lead to widespread unemployment, posing a grave threat to the nation’s economic stability.

Arbi emphasized the urgent need for policy formulation through consultation with stakeholders to avoid any measures that could have detrimental effects on industries, trade, and the national economy at large. He called for a concerted effort to address the concerns of industrialists and ensure a conducive environment for business growth and sustainability.

The stance taken by the SITE Association of Industry reflects the growing unease among industrial stakeholders regarding the impact of rising petroleum prices on their operations and the broader economy. As businesses contend with mounting challenges, including inflation and escalating production costs, calls for government intervention to stabilize petroleum prices and support industrial activities are likely to intensify.

The SITE Association of Industry’s appeal to the Prime Minister underscores the urgency of addressing the concerns raised by industrialists and implementing measures to alleviate the financial strain on businesses. In the face of mounting economic pressures, collaborative efforts between the government and industry stakeholders are essential to chart a path towards sustainable growth and prosperity.