United Business Group (UBG) Patron in Chief SM Muneer, President Zubair Tufail, Chairman Sindh Region Khalid Tawab, Secretary General Sindh and Baluchistan Region Hanif Gohar and other leaders of UBG has urged Prime Minister M Mian Shahbaz Sharif to take immediate measures to provide relief to the masses as they were finding it difficult and almost impossible to meet both ends of their lives mainly due to the manifold surge in sensitive price indicators (SPI) which – according to Pakistan Bureau of Statistics (PBS) – increased to a record high,44.6% year-on-year basis during the week ended on August 25,2022. Prior to it the highest ever year- on- year increase in the SPI inflation @42.3% was recorded for the week ending on August 18 and 38.6% in the week ending on August 5, they elaborated.
According to the statement released by UBG’s central spokesperson Gulzar Feroze, the UBG leadership apprehended that the vegetable prices may further increase in the coming weeks mainly due to damage of standing crops, increase in demand-supply gap and a massive gradual hike in electricity rates to meet IMF conditionalities. Moreover, petrol and diesel prices would also be increased in the next quarter when the government, as announced in the budget, would revive Sales Tax on POL products as well as gradually impose a petroleum development levy.
The UBG leadership therefore proposed that the government should maintain equilibrium in the demand & supply of essential food items and for this purpose necessary arrangements be made, well in time including imports of food items from the competent countries to ensure availability of these items at affordable rates.
