PIBF Strongly Condemns Massive Overnight Hike in Petroleum Prices, Warns of Severe Blow to Businesses and Economy

Lahore, Pakistan – Muhammad Shezad The Pak International Business Forum (PIBF) has expressed strong outrage over the massive increase in petroleum (POL) prices announced by the Pakistani government late on Thursday night, describing it as a “devastating blow” to the business community and the country’s already struggling economy.
In a joint statement issued on Friday, PIBF President Dr. Mushtaq Mangat, Secretary General Muhammad Ejaz Tanveer, and Chief Organiser Lahore Muaz Qazi criticised the sharp surge in fuel prices, which has immediately intensified cost pressures across the industrial and transport sectors.
The leaders noted that the abrupt hike — which has pushed petrol prices to approximately Rs458.40 per litre and high-speed diesel to Rs520.35 per litre — has caused transportation and production costs to surge dramatically. This comes at a time when industries are already battling high energy tariffs and heavy taxation.
“This sudden increase has brought industrial activity under severe strain and risks slowing down production across multiple sectors,” the PIBF leadership stated. They warned that small and medium enterprises (SMEs), which form the backbone of Pakistan’s economy, are facing acute financial stress and potential losses.
The business forum further highlighted that the ripple effects are already visible in the supply chain, with goods transportation costs rising sharply, leading to an immediate increase in the prices of essential commodities. “This will accelerate inflation and further burden the common man,” they added.
Dr. Mushtaq Mangat, Muhammad Ejaz Tanveer, and Muaz Qazi criticised the government for imposing additional financial pressure on businesses and ordinary citizens instead of focusing on controlling its own expenditures and implementing meaningful austerity measures.
The PIBF urged the authorities to review the decision and provide targeted relief to the business community to prevent further damage to economic activity and employment.
The latest fuel price hike, attributed by the government to surging global oil prices amid ongoing conflict in the Middle East, has sparked widespread concern among industry stakeholders in Pakistan.