The business community Tuesday expressing their grave concern said continuous oil price spike will increase inflation and reduce economic growth besides increasing cost of production. Chairman United Business Group ( UBG) and veteran trade leader Iftikhar Ali Malik talking to a delegation of Kasur Industrial Estate led by Ahmad Waqar Ch Arain criticising the gradual steep hike in oil prices said it will depress the supply of other goods because they increase the costs of producing them. He said ultimately manufacturers are tend to increase the price of goods and services due to spiralling oil prices.
He urged the government to arrest the price increasing trend of petroleum products directly casting bad impact on already fractured economic growth besides hitting the export target as Pakistan would not be able to compete globally due to increased oil price factor. Iftikhar Ali Malik said common man is also suffering a lot because commodity prices will also automatically shoot up due to increase in the input
costs. He suggested the government to freeze the prices of petroleum products, gas and power tariffs for industries especially exports related and itself bears the burden of price hike to boost the industrial production.