‘Increase in petroleum prices a death blow to staggering economy’

FAISALABAD: Unexpected and exceptionally higher ever increase in the prices of petroleum products will nullify the benefits of a tax free budget by making millions of wage earners jobless and pushing another millions below the poverty line, said Faisalabad Chamber of Commerce and Industry president Rana Sikandar Azam Khan.

Commenting on the price spiral caused by the recent increase in petroleum prices, he termed it a death blow to the already staggering economy of Pakistan, which was already on the ventilator of the IMF (International Monetary Fund).

He said that the increase would trigger a new wave of price high which would further enhance inflation in addition to squeezing the purchase power of the masses. He said that the situation would force the government to trim its spending on a public sector development programme, which was conceived to accelerate the pace of economic activities in the country.

He said that the current inflation rate was 11pc, which would further spike up, making the lives of masses miserable. Pointing out the global recession due to covid-19, he said that abysmal poverty would push the majority of have-nots to come out on the streets and create the law and other situation in the country. Continuing, the FCCI president said that energy was the main component to our production cost and an increase in it would certainly make our production costlier both for domestic and export purposes.

He said that our exporters would be unable to get fresh orders from the potential markets which were also facing declining trends. He was also critical of the governance and said that the government had failed to refurbish its oil stocks when the oil prices were lowest.

"It was also strange that when oil prices were lowest, the government failed to ensure its availability at the petrol pumps while its prices increased unexpectedly few days before the expected date.”

He also mentioned sugar medicine, flour and oil crisis and said that it clearly indicated that the government had lost its control over the executive departments. He demanded that the government must withdraw the recent increase in petroleum prices to give the much-needed relief and succor to the masses.

Meanwhile, in another statement, the FCCI president said that the terrorists attack on the economic barometer of Pakistan was highly condemnable.

He said that India had never accepted an independent and sovereign Pakistan from the very first day of its inception and it had been hatching conspiracies not only against Pakistan, but also against other neighbouring countries like China, Nepal and Bhutan to achieve its hegemonic designs.

He further told that after shameful defeat by China in Ladakh and diplomatic failure in Nepal and Bhutan, it was expected that India would take coercion measures within Pakistan to de-track the world’s attention from its domestic, political and military failures. The FCCI president termed stock exchange the economic aorta of Pakistan and said that the objective behind the terrorists attack was to give a psychological jerk to Pak economy, which was already striving to come out of the spell of corona lockdown. He said that the business community of Pakistan fully condemned the incident and assured that it would pool their energies for the immediate revival of healthy and positive economic activities as soon as possible. He paid tribute to the courage and valor of policemen, who laid down their lives and stopped the terrorists from entering the main building of Karachi Stock Exchange.

OPEN COURT: Faisalabad Electric Supply Company (Fesco) Chief Executive Officer (CEO) Shafiqul Hassan will hold an online open court today (Wednesday) at the Fesco Headquarters to solve the consumers’ complaint immediately.

In view of current corona pandemic, he would hear consumers’ complaints live from 11am to 1pm through telephone numbers 041-9220290, 041-9220604, 041-9220618 and toll free number 0800-66554 for early redressal of consumers complaints.

Meanwhile, the Fesco directed the electricity consumers to follow the instructions issued by the Fesco to save them from any mishap during the current rainy season. According to the Fesco spokesman, Sh Tahir Mehmood, consumers should not use metal wire to dry the clothes because electricity current easily embedded in metal wires while three pins plug should be used for iron, washing machine, refrigerators, water pumps and other electricity gadgets and such items should be properly earthed and any fault in electricity wiring should be immediately removed. In addition, dry clothes, blanket, wood piece and rubber sole shoe should be used while ironing the clothes and don't touch the electricity switch, wire and gadget in case of wet hands, clothes or shoes.

In case of current in electricity pole, electricity wiring, wall or fallen electricity wires then immediately inform at toll free No. 080066554 or Fesco emergency No.118 so that it could be redressed immediately and till the arrival of Fesco staff do not touch any wire or pole.