FRIA Raises Concerns Over Government's Continuous Oil Price Hikes

The Ferozepur Road Industrial Association (FRIA) has raised concerns over the continuous hikes in oil product prices by the government, warning of potential negative impacts on the economy. FRIA's senior vice chairman, Shahbaz Aslam, emphasized the detrimental effects of inflation exceeding six percent on economic growth and stressed the need for a prudent approach to control it.

Aslam highlighted the additional burden that another increase in petrol prices would place on industries and the general public, especially amidst significant power tariff hikes and soaring inflation rates. He criticized the government for failing to pass on the benefits of international oil price decreases to the public, resulting in unjustified revenue gains for the authorities.

The industrial sector, already grappling with severe energy shortages, faces further challenges due to the recent surge in petroleum prices. Aslam underscored the importance of promoting alternate fuels to reduce the trade deficit stemming from heavy petroleum imports.

FRIA called on the Prime Minister to promptly reduce petroleum prices and advocated for increased representation of the business community in regulatory bodies like OGRA and NEPRA to ensure business-friendly decisions. Aslam condemned the significant petroleum price hikes, warning of heightened inflationary pressures and increased business costs, which could adversely impact industries already struggling with high operational expenses.

The association expressed concerns about the implications of escalating transportation costs resulting from soaring petrol and diesel prices on industrial and general consumers. Aslam questioned the feasibility of meeting export orders profitably in the face of rising electricity and petroleum expenses.

The Ferozepur Road Industrial Association's call for immediate government action to address rising petroleum prices reflects the growing apprehensions within the industrial sector regarding the economic challenges posed by continuous fuel price hikes. As businesses and consumers grapple with mounting costs, the need for sustainable solutions and industry-friendly policies becomes increasingly urgent.