KARACHI - The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed serious concerns on recent increase in the prices of fuel, gas and electricity and termed it detrimental not only for export oriented industries but other sectors also.

It was of the view that this decision would defeat the prime minister’s vision of improving on the ease of doing business to promote industrialization in the country. It would in fact, affect the overall economic growth as well as the local consumer of gas, he added.

Syed Mazhar Nasir, senior Vice President FPCCI, said that the 2 per cent hike in pert 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.

He pointed out that the manufacturing concerns and export-oriented industries would be the main victims of this decision for they would not be able to improve upon the 14 per cent increase limit. The exports are already on the declining trend due to the high cost of business while further increase in production cost would disturb the situation, he  added.

The FPCCI therefore, demands immediate withdrawal of increase in the prices as repeated increase petroleum prices in recent past has badly eroded the Pakistan’s competitiveness due to which the country is losing attraction for investment and this situation would further destabilize the economy.

Mazhar Nasir said that increase in the prices had come as a big shock for poor people, industrialists and traders which would have hefty negative impact on the inflation-stricken masses and the fragile economy.