Karachi: Mian Zahid Hussain, a prominent business leader, has expressed strong support for the fuel relief program launched by Prime Minister Mian Muhammad Shehbaz Sharif, aimed at aiding low-income citizens. However, he cautioned that persistently high fuel prices for industrial and commercial users pose a severe threat to the survival of the industrial and transport sectors, potentially endangering national exports and the broader economic stability of Pakistan.
According to Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain, who holds multiple leadership roles in the business community, commended the Prime Minister's initiative to target fuel relief for motorcycles, rickshaws, and small cars. He highlighted the importance of such measures in shielding vulnerable segments of society, particularly during the economic challenges caused by the US-Iran conflict. The business community, he noted, fully supports efforts to alleviate the impact of inflation on the public.
Despite the relief for low-income groups, Mian Zahid Hussain emphasized the dire situation faced by productive sectors due to extremely high energy prices. With petrol prices exceeding Rs. 389 per litre and high-speed diesel at Rs. 424 per litre, logistics and supply chains are becoming prohibitively expensive. These costs are having a cascading effect, increasing raw material expenses for factories and driving up consumer goods prices, which is severely impacting the manufacturing sector already burdened by high taxes and electricity tariffs.
He further noted that Pakistan's competitiveness in international markets is being undermined by higher fuel, electricity, and gas prices compared to regional competitors. The ongoing global geopolitical tensions are exacerbating the situation by driving up crude oil prices, making it increasingly difficult for Pakistani exporters to maintain competitive pricing.
To address these challenges, Mian Zahid Hussain called on the government to develop a relief strategy focused on export industries and essential supply chains. He advocated for targeted fuel subsidies for commercial transporters and industries to lower industrial costs directly. Additionally, he urged the acceleration of refinery upgrades and the transition to a more competitive electricity market as long-term solutions to stabilize the industrial sector and, by extension, the national economy.