Fuel price surge alarms industry

Business leaders have warned that the hike in petroleum product prices will severely harm the industrial sector, increase production costs, and further erode the competitiveness of Pakistani goods in global markets. They also cautioned that the burden will ultimately fall on consumers, who will face higher transport fares and inflationary pressures. The government has increased petrol prices by Rs5.36 per litre and high-speed diesel (HSD) by Rs11.37, raising the rates to Rs272.15 and Rs284.35 per litre, respectively. Korangi Association of Trade and Industry (KATI) President Junaid Naqi stated that unless input costs are brought under control, exports will continue to lose ground to regional competitors, such as India and Bangladesh. “Traders and manufacturers are being crushed under the weight of high electricity, gas, and fuel tariffs, along with excessive taxation. This is sheer injustice,” he said.