PIBF leaders says concerned at hike in oil prices

President of Pak International Business Forum, Dr. Mushtaq Mangat, Secretary General Muhammad Ejaz Tanveer, and Chief Organiser Lahore Muaz Qazi have strongly reacted to the massive increase in petroleum (POL) prices announced last night, terming it a devastating blow to businesses and the already struggling economy.

In a joint statement, the PIBF leadership said that the sharp hike in fuel prices has immediately intensified the cost pressures on the business community. They noted that with this increase, transportation and production costs have already surged, making it extremely difficult for industries to operate efficiently.

They stated that the industrial sector, which is already grappling with high energy tariffs and heavy taxation, has been pushed further into distress. “This abrupt increase has brought industrial activity under severe strain and risks slowing down production across multiple sectors,” they remarked, adding that small and medium enterprises (SMEs) are facing acute financial stress and losses.