SM Tanveer Criticizes Fuel Price Hike Despite Adequate Oil Supply in Pakistan

Lahore: Chairman of the United Business Group (UBG), SM Tanveer, has criticized the government for increasing fuel prices despite what he claims is sufficient oil supply in Pakistan.

Addressing a press conference alongside officials of the Federation of Pakistan Chambers of Commerce and Industry, Tanveer urged the government to engage with stakeholders before making key economic decisions. He emphasized the need for a long-term policy framework to ensure sustainable economic growth.

SM Tanveer stated that while global oil prices may have risen, the government should not automatically pass the burden onto consumers. He called for consultation with the business community, especially regarding decisions such as lockdowns and market restrictions.

He also highlighted the negative impact of misinformation on the business sector and called for action against fake news. Stressing the importance of economic stability, he noted that Pakistan’s GDP stands at around $400 billion, with 18% of businesses contributing the majority of taxes.

Tanveer further demanded that business hours restrictions, including early market closures, be lifted to facilitate economic activity. He urged the government to introduce a comprehensive long-term industrial policy to support domestic commerce.

Meanwhile, Zaki Aijaz stated that Pakistan is currently considered one of the safest countries in the world due to the efforts of national leadership, and appealed to Prime Minister Shehbaz Sharif to review the weekend shutdown policy.