Karachi: President of the Korangi Association of Trade and Industry (KATI), Muhammad Ikram Rajput, has expressed serious concern over the government’s recent increase in petroleum prices, warning that the move will have damaging consequences for industry, employment, and the broader economy.
Reacting to the latest notification, he said the price of petrol has been raised by Rs26.77 per litre to Rs393.35, while high-speed diesel has increased to Rs380.19 per litre. He termed the sharp hike in energy costs “highly detrimental” to industrial and commercial activity.
Rajput noted that higher fuel prices would significantly raise production costs, leading to an increase in the prices of essential goods and undermining export competitiveness. “Expensive fuel translates directly into expensive production,” he said, adding that the burden would ultimately be passed on to consumers.
He urged the government to immediately reduce levies and other charges on petroleum products to bring prices within reach of the common man. “Fuel prices are rapidly moving beyond the affordability of ordinary citizens,” he said, warning that the rising cost of energy is making it increasingly difficult for industries to sustain operations.
President KATI pointed out that the business community is already grappling with high electricity tariffs, elevated interest rates, and other financial constraints. “At such a time, an increase in petroleum prices will only compound the challenges faced by industrialists,” he added.
Rajput called on the government to review its decision and introduce immediate relief measures for the industrial and trade sectors. He cautioned that if production costs continue to rise at the current pace, industrial activity could slow down, adversely affecting both economic growth and employment.