PIAF Criticizes Government Over Petroleum Price Surge

The Pakistan Industrial and Traders Associations Front (PIAF) has strongly criticized the recent surge in petroleum prices in the country, calling on the government to devise a comprehensive plan for providing affordable energy to boost economic growth. Chairman Faheemur Rehman Saigol highlighted that consumers of oil and electricity are being burdened with higher taxes, potentially facing further increases in the upcoming budget under pressure from the International Monetary Fund (IMF).

The government recently raised the prices of petrol and high-speed diesel, with petrol now costing Rs293.94 per liter and HSD priced at Rs290.38 per liter. These hikes, the second within a month, are expected to have inflationary effects on various sectors, particularly impacting farmers and the general public.

Saigol pointed out that the government's decision to increase the petroleum levy and consider imposing a general sales tax on petroleum products could exacerbate the financial strain on consumers. The rise in fuel prices is anticipated to raise transportation costs significantly, affecting both industrial and general consumers.

The PIAF chief expressed concerns over the potential negative impact on the country's exports, as high inflation rates diminish domestic purchasing power and render local products less competitive in international markets. Saigol urged the government to implement measures to alleviate inflation, exacerbated by the recent surge in oil prices and essential commodities.

In conclusion, the sharp increase in petroleum prices in Pakistan is expected to further strain the economy, leading to higher inflation rates and increased costs for businesses and consumers alike. The government's adherence to IMF directives regarding taxation and pricing policies has drawn criticism from industry representatives, who fear the detrimental effects on both domestic and international trade.