FPCCI, Energy price hike may destabilize our economy further

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FPCCI, Federation of Pakistan Chambers of Commerce and Industry has expressed a concern of immediate withdrawal fo increase in the prices of fuel, gas and electricity.

FPCCI has termed the recent price hike approval as harmful as it might not only affect our export sector but also other sectors as well.

FPCCI oppose the decision of the price hike approval as it is likely to have a negative impact on the economy and the local consumer.

As indicated by the Vice President of FPCCI, Syed Mazhar Nasir,

The 2% hike in per unit price of electricity and rise in gas and petroleum would increase the production cost and as a result, Pakistani products would not be able to compete in the international market.

In addition, he also expressed that the export oriented industries would be much affected by this decision as Pakistan’s exports are the noncompetitive in the international market and do not meet the benchmark due to high cost of business

A further increase in production cost would lead to a collapse soon and we might not be able to cope to with the current competition in the market. Also increase in prices has come as a big shock for poor people, industrialists and traders and would have a negative impact of the inflation stricken masses and fragile economy.

This situation would further destabilize the economy!

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