KARACHI - Karachi Chamber of Commerce and Industry President Mian Abrar Ahmad has rejected recent hike in petroleum prices, terming the decision as “brutal attack” which will slowdown and cripple commercial and industrial activities.

He also expressed deep concern over highly deteriorating law and order situation in Karachi and shutdowns under the influence of political parties, here on Tuesday.

He stated that commercial and industrial activities were severely hampered during last week owing to shutdown/strikes by political parties which have brought losses of billions of rupees.

He lamented that no concrete efforts for safety and security of business and industrial community were observed and government and law enforcing agencies were giving mere statements and lip services.

Mian Abrar said the economy was already injured owing to energy crisis and manifold internal and external threats. He cautioned that decision would severely harm economy, affect the masses as well as the business community. 

He also warned that the nasty situation in Karachi, arising out due to deteriorating law and order situation, power and gas outages and increase in petroleum prices will inflict colossal financial losses and would widen trade deficit.

 leading to collapse in commitment to export orders, flight of capital, huge labour layoffs and worsening of law and order situation and decline in the revenue of the government. In the wake of anti-business policies/decisions of the government, many industries had already shifted to other countries and many are planning to do so, he added.

He said that on one side government is contemplating to increase targets for nominal growth and on the other side it is taking harsh decisions to increase POL prices, utility tariffs and gas and power outages. At present, country is going through a very serious economic crisis in terms of escalating cost of production/ manufacturing based on continuous rise on POL products/fuel and utilities, he concluded.