Diesel, Petrol: Price hike may cause difficulties

Price increase in diesel and petrol may enhance difficulty in trade and industry

KARACHI: The Businessmen Panel (BMP) said that the government has increased Rs18 per litre on diesel and Rs16 on petrol in the last six months, which may enhance difficulties of trade and industry. BMP Chairman Mian Anjum Nisar said petrol and High Speed Diesel (HSD) are two major products that generate most revenue for the government because of their massive and growing consumption in the country. “HSD sales across the country are now going beyond 800,000 tons per month against monthly consumption of around 700,000 tons of petrol.” BMP Secretary General Ahmad Jawad said that rising oil prices would increase pressure on the country’s foreign exchange reserves and widen the trade gap that has reached $17 billion in the last seven months.

Published in The Express Tribune, March 2^nd, 2018.

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