‘Petroleum inflation to burn more holes in economy’

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday rejected the sharp increase in the price of petroleum products terming it blow to the economy and the masses, already reeling under multiple mounting pressures.

“The government recently revised prices of gas and electricity and now the price of petroleum products has been increased under the pressure of the IMF (International Monetary Fund), which is unacceptable,” Ghazanfar Bilour, president FPCCI, said in a statement.

“The business community will never allow the government to damage the economy and make the life of people more miserable to please international lenders.”

Bilour said ironically the government, instead of containing massive energy theft, opted for the easy way out by kicking petroleum prices upstairs multiple times in a row, adding to the hardships of the underprivileged struggling to survive on bare subsistence.

“Inexperienced economic managers are bent upon sacrificing voiceless masses which is unfortunate,” he said, adding that had the government or the IMF was not concerned about the development of the country they would have not spared the nobility.

Bilour said those who claimed they would transform the country into a welfare state in their election campaign disappointed the masses as well as the business community.

“The FPCCI will not allow the government to shift the entire burden on the masses, which are not responsible for the financial problems of the government,” the industry official said.

He said the actions of the government had left a lot to be desired.

“They have no control over critical matters, and their energy policy has failed, while economic managers are committing blunder after blunder,” Bilour said.

He noted that the benefit of foreign or local loans had never benefited masses or country, but helped the privileged class and the funds raised from the recent steps would also be misused.

“FPCCI will not play the role of silent spectator in the current situation, therefore, the government should realise their mistake and reverse the decision,” he warned.