SITE Association terms petroleum price hike disastrous for economy

KARACHI: The Site Association of Industry has declared the recent increase in petroleum products prices disastrous for the economy while appealing to the Prime Minister to withdraw the recent increase, a statement said.

SITE President Abdul Rashid, in an appeal to Prime Minister Imran Khan, Energy Minister Hammad Azhar and Commerce and Investment Adviser Abdul Razak Dawood, stressed to formulate policies in consultation with the stakeholders and avoid taking any step having a negative impact on the industries, trade and national economy as a whole.

The decisions taken without consultation with the stakeholders will prove devastating for industries and the economy, he said, adding that the government should ensure that the decisions must not have any adverse impact on trade and industry and the cost of production.

“The continuous increase in the utilities prices and closure of gas supply are already impeding industrial activity to a great extent and the recent increase in petroleum products 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 for taking steps to control increasing inflation and save trade and industry from disastrous conditions.

He feared that if trade and industry friendly policies are not formulated, the exports and economy will suffer colossal losses and economic progress will also suffer a setback.