Unprecedented petroleum prices unbearable, warn business leaders

Business leaders on Saturday said the massive hike in prices of petroleum products would further fuel the unprecedented inflation, intensify miseries for the common man and create serious issues for the industry due to the unbearably high cost of doing business. They criticised the caretaker government that it should have kept the prices of petroleum unchanged due to the falling landing cost of imported crude on account of the persistent rise in the rupee strength against the dollar in the last eight interbank sessions despite rising crude oil prices in the world market. The government had raised petrol and diesel rates by 8.5pc and 5.6pc, respectively, effective Sept 16. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh, in a statement, explained that the rupee closed at 296.85 for a dollar in interbank on Friday, reflecting more than Rs10 to a dollar gain which touched Rs307.10 on Sept 5.