KP business community strongly reacts over recent fuel price hike

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From Our Correspondent 

PESHAWAR: Members of the business community in Khyber Pakhtunkhwa strongly reacted over the recent hike in petrol price, what, they say, a gradual decrease in price of crude oil is witnessing in the global market, despite the fact that fuel prices continue to upward in the country. The community demanded to bring down fuel prices in line with the international market.

Traders remarked that the incumbent coalition government is completely directionless, alleging it is putting the national economy at stake at the behest of international financial lenders and jacking up fuel prices on their dictation.

The business community expressed fear cost of doing business would be further increased after frequent hike in fuel prices, besides the already sluggish industrial growth would become a complete standstill in the country.

A new wave of inflation would come as a result of the present coalition government to further hike fuel price, commented Imran Khan Mohmand, an acting president of the Sarhad Chamber of Commerce and Industry (SCCI), according to a statement issued here on Wednesday.

The acting SCCI chief viewed the present government flawed economic policies have brought negative impacts on the economy while spiraling ‘price-hike’ also elevated miseries of poor masses.

Imran Mohmand criticized the ‘double-standard’ policy, which is being adopted by incumbent coalition government completely incomprehensible, as it is making tall claims about taking practical steps for provision relief to poor masses while on the other hand adding to their miseries by jacking up fuel prices, he added.

“We completely reject the recent fuel price hike of Rs6 per/litre,”

The acting chief observed fuel prices are consistently downward in the global market, while oil prices frequently escalate instead of decreasing in line with the international market, which is unjustifiable and reflecting the present government ‘anti-masses’ policy.  

Imran Mohmand criticised the inconsistent policies of the present coalition government that had brought the country’s economy on the brink of destruction.

He termed incessant drop in country’s export, foreign exchange reserves, surging circular debts, and putting national economy on direction by obtaining loans from foreign lenders, as a testimony of the present government flawed economic policies.

The acting chief stressed the need of enhancing exports and efficiently tapping indigenous resources, natural reserves to stabilize the national economy.

Imran Mohmand urged the incumbent coalition government to review its economic policies for the best interest of businesses, economy and the country. 

He demanded the government to announce a special relief package for small traders and shopkeepers.

The acting SCCI chief warned that the incumbent government couldn’t restrain from putting the national economy on stake at the behest of foreign financial institutions and not bring down fuel prices in line with the international market then the chamber along with traders’ community will lodge strong protest.