Asif Sakhi, Vice President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Chairman of the Businessmen Panel Progressive Karachi, has expressed deep disappointment over the unprecedented hike in petroleum product prices, terming it disastrous for the national economy, businesses, and industry.

In a statement, Asif Sakhi said petrol prices have surged from Rs258 to Rs458 per litre — a staggering 77 percent increase. “This decision will sharply raise production costs, making Pakistani goods even less competitive in global markets,” he warned.

Mr. Sakhi pointed out that regional competitors such as India, Bangladesh, China, and Vietnam have raised fuel prices by only 2 to 10 percent, while Pakistan’s increase stands at 77 percent. “Our exports are already under pressure. Between January and March, exports fell by 12 percent, while in the first nine months of the fiscal year, they dropped by 8 percent. This hike will worsen the decline,” he said.

He urged the government to immediately withdraw the decision and promote alternative energy sources such as ethanol, a by-product of Pakistan’s sugar industry. “Ethanol can provide a sustainable energy solution, but the government must create a proper mechanism to support it,” he stressed.

Asif Sakhi cautioned that if the decision is not reversed, inflation will spiral further, crushing the poor. He demanded that the government announce an immediate increase in minimum wages to offset the burden. “Otherwise, the coming storm of inflation will engulf the common man,” he said.