Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh Tuesday criticised the government for increasing prices of petroleum products up to Rs4 per liter, terming it bad news for the country’s economy, as this hike in fuel rates would lead to increasing cost of production cost of doing business as well.

The government has increased the price of petrol by Rs 1.70 per liter. High-speed diesel price was enhanced by Rs2.5 per litre, light diesel oil by Rs3 per litre and kerosene oil price increased by Rs 3.41 per litre for May.

Petrol price will go up to Rs87.70 per litre. HSD price has gone to Rs98.59 per litre. In the past, the government did not pass on the full benefit of declining oil prices to the public by imposing heavy taxes.

It is the time to relax the duties and absorb the burden of soaring petroleum prices in international market by keeping the prices stable.

During a meeting with a delegation of industrialists at his office, Chairman PIAF Irfan Iqbal Sheikh along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Kh.Shahzeb Akram argued that the high cost of petroleum products is hindering Pakistan in achieving its export target.

He also demanded for a uniform gas tariff, since Punjab faces a higher rate than Sindh.