Increasing production cost making difficult to run factories, Abdul Rasheed SITE chief demands to withdraw recent increase in POL prices
KARACHI: President, Site Association of Industry, Abdul Rashid, has declared the recent increase in POL prices disastrous for the economy and has appealed the Prime Minister Imran Khan to withdraw the recent increase in POL products otherwise, it will become more difficult to run factories due to constantly increasing cost of production.
In an appeal to Prime Minister Imran Khan, Energy Minister Hammad Azhar and Advisor for Commerce and Investment Abdul Razak Dawood, SITE President stressed to formulate policies in consultation with stakeholders and avoid taking any step having a negative impact on the industries, trade and national economy as a whole.
Abdul Rasheed added that decisions taken without consultation with stakeholders will prove devastating for industries and the economy. Therefore, the government should ensure that the decisions must not have any adverse impact on trade & industry and the cost of production.
“Increase in the utilities prices again & again and closure of gas are already impeding industrial activity to a great extent and the recent increase in POL prices is bound to stop the wheels of industry, which will ultimately result in decline in exports and mass unemployment”, he added.
Abdul Rasheed has appealed to the Prime Minister, Energy Minister and Commerce Minister to take steps to control increasing inflation and save trade & industry from disaster. He feared that if trade & industry friendly policies are not formulated, the exports and economy will suffer colossal losses and economic progress will also suffer a setback.