The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly condemned the government’s decision to introduce a daily petroleum pricing mechanism, describing it as an anti-industry, anti-business and anti-public move that will further fuel inflation, undermine business confidence and increase uncertainty across the economy.
Reacting to the government’s decision to revise petroleum product prices on a daily basis in line with fluctuations in the international market, BMP Chairman and former FPCCI President Mian Anjum Nisar said the move demonstrated that the government only acts with extraordinary speed when it comes to passing the burden of higher global oil prices directly on to consumers and the business community.
He regretted that despite a major decline in global crude oil prices over the past several months, the government failed to provide meaningful relief to the public.
Instead, it continued imposing additional levies, climate support charges and various taxes, preventing consumers and industry from fully benefiting from lower international prices.
He observed that the government had repeatedly justified maintaining high petroleum prices by citing fiscal constraints and commitments to the International Monetary Fund (IMF), introducing new taxes and duties in different forms.
However, as soon as international oil prices started rising due to escalating geopolitical tensions, the authorities acted immediately to pass the entire increase on to the public without even a day’s delay or absorbing any part of the increase through reductions in taxes or petroleum levies.
