PBF concerned over repeated hike in POL prices

LAHORE: Pakistan Business Forum’s Lahore Chapter has urged the government to refrain from repeated increase in the prices of utilities and also to arrest the ever increasing rupee-dollar parity to save the businesses especially export oriented industries.

Increased prices of petrol, gas, electricity or depreciation of rupee against dollar not only hit the common consumer but also the industries as their input cost climbs up thus jacking up the end product prices and making the export oriented industries incompatible in the international market.

Pakistan Business Forum (Lahore) President Muhammad Ejaz Tanveer while chairing a meeting of the forum said that off and on increase in the prices of petroleum products or electricity makes it impossible for the industries to quote their end product price to their foreign buyers.

Senior Vice Presidents Abdul Wadood Alvi, Usman Naeem, Vice President Dr. Faryad Ahmad, Ali Imran Secretary General and others attended the meeting.

‘Industries quote their price while calculating the prevailing prices of these utilities but when they start completing orders they find it hard to meet even their input prices. It becomes more difficult when the government makes more increase then what is suggested by the authorities concerned,’ he added.

Appreciation in dollar though support the export oriented industry to some extent but increase in the petroleum prices and other utilities nullify the advantage taken from rupee-dollar parity. He said when petroleum and gas prices are increased it impact everything right from the manufacturing to the transportation of the finished products.

Muhammad Ejaz Tanveer suggested that the government should make increase or decrease after every three months instead of fortnightly announcement as it would help the industries to plan their working for a specific time.