Profiteering on ready stocks regretted

Staff Reporter BOL News

14th Oct, 2021. 02:36 pm
Pharmaceutical

KARACHI: The Union of Small and Medium Enterprises (Unisame) has expressed regret at the profiteering in the supply chains on ready stocks, giving excuse of imports becoming costly due to the devaluation of the rupee, a statement said on Thursday.

Unisame president Zulfikar Thaver said that the suppliers have increased the prices of goods in ready stocks and of goods imported at the old parity rate last year or several months ago.

This is evident from the fact that the goods now being sold at the new increased prices bear the old price tags. He said the goods under the new parity are yet to be imported but the traders are charging for goods calculating the selling price according to the current parity rate.

This has caused a hike in inflation and the consumers are helpless, as every single item is becoming expensive and even the locally-manufactured goods have become expensive, as they claim that their cost of production and distribution has increased due to a hike in fuel prices and their imported raw materials.

The Unisame Council is at a loss to understand the result of this state of affairs and if unchecked will cause the common man hardships, making survival difficult.

Thaver said that the rich are becoming richer and the poor are becoming poorer and the government seems helpless.

He urged the State Bank of Pakistan (SBP) to intervene and control the parity rate and the rupee from further depreciation and also monitoring of the prices of goods and commodities to control unfair profiteering.

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