The Pak International Business Forum (PIBF) has announced its full support for the nationwide protest call on August 7 against the petroleum levy, urging the federal government to abolish the levy and end the frequent revisions in petroleum prices, which it said were hurting businesses and the general public.
PIBF Central President Dr Mushtaq Mangat said the petroleum levy had become an unjustified financial burden on industries, traders and consumers, significantly increasing transportation, production and logistics costs and contributing to inflation. He said the frequent fortnightly changes in petroleum prices were equally unacceptable as they created uncertainty for businesses, disrupted financial planning and adversely affected investment decisions. “The business community needs a predictable and stable fuel pricing mechanism to plan its operations efficiently. Constant changes in fuel prices only add to the cost of doing business and ultimately burden consumers,” he added.
Dr Mangat said PIBF fully endorsed the nationwide protest and called upon traders, industrialists, transporters and members of the business community to participate peacefully to convey a strong message to the government. He urged the federal government to immediately review its petroleum pricing policy, abolish the petroleum levy and introduce a stable and business-friendly pricing mechanism that would help reduce inflation, improve industrial competitiveness and support economic growth.
The PIBF president reiterated that Pakistan’s economy required policies that encouraged investment and production rather than imposing additional fiscal burdens on businesses and the public. He expressed hope that the government would engage with stakeholders and take immediate corrective measures to reduce the cost of doing business, provide relief to the people and restore confidence in the country’s economy.
