Business Community Criticizing Government Over Increased Petrol Prices – Research Snipers

Business Community Criticizing Government Over Increased Petrol Prices

Pakistani Business Community, the Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly condemned the government’s decision over increasing fuel prices for the month of February. The BMP says it is the second consecutive increase in the past two months and it would further impact on country’s economy which is already facing many difficulties in the recent years.

In a statement during and press conference, Chairman BMP, Mian Anjum Nisar said that the increase in Oil prices is a big jolt to working class, traders and well as industrialists, it will have a negative impact on the inflation rate in the country and would further damage the country’s economy.

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He further said the increase in petrol prices would push up the prices of all commodities, it will increase transport costs as well as make the local industry less attractive for investment. Pakistani exports will also lose competitiveness in the international markets because of increased overall costs and inflation.

According to the Secretary-General Federal BMP, Ahmad Jawad, the weaker Rupee, increasing cost of doing business in Pakistan and widening the gap between the exports and imports of the country are the major issues for the government currently. He classed the government policies as anti-people and anti-economy, according to him the working class will be burdened with this increase. He further said the country’s exports that are on the decline will further go down due to increased costs of doing business.

The BMP has demanded to reverse the increase in oil prices especially calling upon current Prime Minister of the country. The Panel stressed on business-friendly policies from the government in order to keep up the production in the country which will eventually increase exports and more investment opportunities in Pakistan.