KARACHI: According to a statement, the Site Association of Industry has termed the recent rise in petroleum product prices as devastating for the economy and has urged the Prime Minister to reverse the increase.
SITE President Abdul Rashid made a direct appeal to Prime Minister Imran Khan, Energy Minister Hammad Azhar, and Commerce and Investment Adviser Abdul Razak Dawood. He told them that they should make policies with the help of stakeholders and not do anything that would hurt businesses, trade, and the national economy as a whole.
Choices made without consulting stakeholders could have a negative impact on businesses and the economy, he said. The government should make sure that the decisions don’t have an impact on trade and industry, as well as the cost of making things.
He warned that “continuous increases in utility costs and the cutoff of gas supplies are already hindering industrial activity significantly, and the current rise in petroleum product prices is certain to put an end to industry, resulting in a fall in exports and widespread unemployment,” he warned.
Abdul Rasheed has asked for action to stop the rise in prices and keep businesses and industries safe.
He believed that if trade and industry-friendly policies were not implemented, exports and the economy would suffer catastrophic losses, and economic growth would be halted.
