Petroleum price hike shocks industry

The FPCCI chief expressed his concerns that domestic and international demand for Pakistani products would be at an all-time low as inflation has severely affected the purchasing power of the domestic consumers and for international and regional markets, local products have become uncompetitive.

Korangi Association of Trade and Industry President Faraz ur Rahman criticised the massive hike in petroleum prices, which would not only impact industrialists but also exert severe economic pressure on the general public.

He lamented the government for affecting the public’s budget by raising petroleum levies and taxes, following the terms set by the International Monetary Fund (IMF).

Markazi Tanzeem-i-Tajiran President Kashif Chaudhry said they would start a country-wide protest in case the government did not withdraw the hikes in petroleum and power rates.

Petroleum sales

The country’s oil sales plunged by 6pc year-on-year in July while it remained stable on a month-on-month basis to 1.35m tonnes, Arif Habib Ltd (AHL) said.

Petrol sales in July stood at 0.66m tonnes, up by 2pc over June, while it was higher by 10pc year-on-year.

High-speed diesel sales fell by nine per cent in July to 0.49m tonnes in June, while it showed an 11pc growth on a year-on-year basis.

Published in Dawn, Aug 2nd, 2023