Due to the Iran war and the closure of the Strait of Hormuz, the global energy crisis has also engulfed Pakistan, and the government is taking several measures to deal with it. One of these includes closing markets and all businesses at 8 PM.
However, in a statement issued by the Pakistan Business Forum, disagreement was expressed over the government’s decision to close businesses at 8 PM.
Instead of reducing business hours, a proposal has been given to observe weekly holidays on Friday and Monday.
President of the Pakistan Business Forum, Ahmad Jawad, while condemning the shocking increase in petrol and diesel prices, said that the Prime Minister talked about subsidy, but within a few hours launched an economic attack on the public.
Increasing petrol by 63% and diesel by 75% in one month—what kind of discipline is this?
Ahmad Jawad further said that the public gave 11 trillion in taxes to the government; can even 1% not be spent on us? For what purpose was the emergency fund in the federal budget kept?
He said that if the federal and provincial governments wanted, they could have prevented the increase in oil prices.
Development funds could have been merged into petroleum subsidy. Provincial governments could easily have handed over a package of 300 billion to the federation.
The President of the Pakistan Business Forum said that Pakistanis’ per capita income is not capable of bearing current petrol prices.
The record increase in petroleum product prices will bring a new storm of inflation; increased prices of goods will not come back down.
The motorcycle subsidy plan is not practical; its implementation will be difficult.
He said that in extraordinary circumstances, the government must take extraordinary measures. In these conditions, the government should suspend the revenue factor and stand with the public.
Petroleum levy should be immediately abolished and brought to zero. Import duty and carbon levy on diesel should be made zero for one month.
The President of the Pakistan Business Forum further said that instead of reducing market hours, holidays should be observed on Monday and Friday.
To provide relief to consumers, GST should be reduced to 10% for two months, and monthly fuel adjustment in electricity bills should be abolished for two months.
Also read: Business community opposes potential lockdown in Sindh
