Owing to the rupee depreciation against the dollar, prices of many products have increased. The prices of non-imported products have also hiked and are heavily being criticised as the rupee devaluation has not in any way affected them.
The price control authorities have been alerted by the Union of Small and Medium Enterprises (UNISAME) regarding the increase in prices even by those manufacturers who have not been affected by the rupee depreciation.
Zulfikar Thaver—the President of UNISAME said that a fraudulent practice has been taken up by some sectors who have hiked their prices although they were not at all affected by the devaluation of the rupee and were completely homegrown and in no way dependent on imports.
He said that this attitude has given a significant setback to the cotton textiles, rice and other exchange producing sectors. He urged the government to keep a check as to why the prices have been increased on the pretext of rupee depreciation.
Thaver said that the SME exporters were keen on decreasing their invoice prices by keeping the Pakistani rupee in consideration, however, their plans were denied owing to the unexpected increase in the prices of raw materials by the local manufacturers who were taking advantage of the situation.
He said that the price control authorities of all the provinces must take notice of the situation and must keep a check on the prices, he also added that only those manufacturers who were affected by the depreciation of the rupee be permitted to hike their prices and that too only to the extent of the load put on them.
Thaver further said that the Price Control and Prevention of Profiteering and Hoarding Act 1977, forbids the unlawful hike in prices and the federal and provincial governments must act actively for addressing the situation.