Karachi, Muhammad Kamran Arbi, President of the S.I.T.E Association of Industry, has warned that the recent increases in the prices of petroleum, oil, and lubricants (POL) are severely impacting the industrial sector and the economy at large. In a press statement, he urged Prime Minister Mian Muhammad Shehbaz Sharif to address the frequent hikes in POL prices, which are complicating factory operations by escalating production costs.

According to S.I.T.E Association of Industry, the POL prices have been adjusted upwards regularly over the past three months, exacerbating the already high cost of living and placing additional financial burdens on the population, which is already struggling with inflation. Arbi emphasized that these increases are directly affecting the cost of doing business and production costs. He also noted that the repeated increases in utility prices are significantly hindering industrial activities and, combined with the rising POL prices, are likely to halt industrial production entirely. This could lead to a decrease in exports and widespread unemployment.

Arbi stressed the importance of formulating policies in consultation with stakeholders to mitigate the adverse effects on industries, trade, and the national economy. He appealed to the government to reconsider its approach to managing POL price adjustments to prevent further economic strain.