Pakistan Business Forum hike in petrol prices

KARACHI: Pakistan Business Forum (PBF) has utterly rejected the 40 rupees per litre jump in petroleum prices in the month of September which will further squeeze the industry, agriculture sector and common man of this country. It said though institutions were trying their best to curb the artificial price of dollar but at this point, increase of 24 rupee per litre was not at all justified move by the finance division. In the last few days dollar was on decline in the open market and we appreciated the commendable efforts of the institutions.

In a statement on Saturday, PBF Chief Organizer Chaudhry Ahmad Jawad said that at present Rs. 60 per liter was being charged from the public on per litre already in the name of surcharge. On the other hand, high electricity bills have left the public and the business community in debt. The business community and the people were currently on the streets challenging the government’s helplessness.

Jawad stressed the need for implementing structural reforms for good governance, curbing unproductive expenditures, expanding the tax base, fostering public-private partnerships, and reallocating resources to critical sectors to stimulate sustainable growth, as the country was facing with daunting economic challenges, posing a serious threat to the viability of the industry, in this regard the role of SIFC was appreciated to shape up the country’s economy at the right direction.

PBF official Jawad further observed that it is imperative to understand that fiscal discipline cannot be achieved and sustained without initiating structural reforms. In the 2023 budget, the government extended substantial subsidies and grants to loss-making entities, which, in turn, are not only failing to make positive contribution but are also incurring significant losses.

“We must maintain fiscal discipline and establish controls to create fiscal space to extend relief to the masses, Saleha said. -INP