Industry questions fuel price surge despite ‘old stocks’

KARACHI: Though Pakistan is not part of the ongoing conflict in the Middle East, it is the first victim in the region as the government raised oil prices while the high-cost oil is still at sea; the 28-day stocks are being sold at prices yet to reach consumers.

India kept petrol and diesel prices stable despite global price spikes, but LPG prices were increased. The Indian government has so far managed high import costs for crude.

Trade and business people were disappointed with the sudden jump in oil and diesel prices by Rs55 per litre, while ordinary citizens were highly concerned about the ripple effects of this oil price hike.

“The easiest way to extract money is to bomb the common citizens and destroy the already ailing economy,” said Syed Shakil, a textile industry worker. He said the textile industry was facing tough times and could face the most difficult times in the wake of the Middle East war.

Industry people were looking at several major impacts as a result of this war: unexpected high inflation, increases in interest rates, a larger fiscal gap, a wider current account deficit, imbalances in the exchange rate, and higher federal government debts to deal with rising spending in the wake of inflation spikes.

“We are already working at the lowest........

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