Karachi: The President of the Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Sheikh, has expressed severe disappointment following the government's decision to raise petroleum and diesel prices by Rs7.45 and Rs9.56 respectively. Sheikh argued that these increases will significantly affect the cost of doing business, impacting all segments of society and worsening the hardships for the general public.

According to Karachi Chamber of Commerce and Industry, Sheikh detailed how the price hikes are part of a broader pattern of the government shifting economic burdens onto industries and the public, exacerbating societal anxiety. He criticized the government's approach of passing international market trends directly to consumers and industries without absorbing any of the impacts through policy adjustments, such as reducing the petroleum development levy. This, he noted, comes at a time when the populace is already struggling under heavy inflation and recent tax increases announced in the budget.

Sheikh emphasized that the resultant rise in fuel costs will not only inflate industrial production expenses but also lead to increased prices for household commodities. The business community, especially salaried individuals, is still reeling from budget announcements involving hefty taxes, and now faces additional strain from escalated fuel costs. Sheikh also pointed out that high energy tariffs and other budget decisions are squeezing both industries and the public, pushing them towards potential protests against the government's anti-public and anti-business policies.

In his statement, Sheikh called for the government to prioritize structural reforms, reduce unnecessary expenditures, expand the tax base, and enhance public-private partnerships to foster sustainable economic growth. He urged immediate government action to reduce the cost of industrial inputs like electricity, gas, and petroleum products, to prevent the economy from further decline and to avert a total collapse of the business sector.