Economic slowdown due to reduced fuel consumption: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- November 04, 2022 (PPI-OT)

Following is the text of press release issued by Pakistan Businessmen and Intellectuals Forum (PBIF)

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Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the people and the business community have high hopes for Finance Minister Ishaq Dar and his silence has been increasing the anxiety of the business community.

The drastic decline in consumption of petrol and diesel is the result of economic slowdown which also indicates challenges faced by the economy, he said. Mian Zahid Hussain said that in the first four months of this fiscal, the demand for petrol has decreased by 18% and the demand for diesel has decreased by 26%. The demand for furnace oil has also decreased by 26% as it is becoming expensive to generate electricity with furnace oil.

Talking to the business community, the veteran business leader said that the situation is also having an impact on many sectors. The demand and production of motorcycles and cars have dropped significantly. Despite the appreciation of the rupee against the dollar, some car and motorcycle manufacturers are increasing the prices of their products which is...