Hike in price of non-imported goods flayed

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Hike in price of non-imported goods flayed

October 14, 2018

Karachi: The Union of Small and Medium Enterprises (UNISAME ) has invited the attention of the Price Control Authorities to the uncalled for increase in prices on the pretext of depreciation of the rupee by those manufacturers not really affected.

This is a bad practice adopted by some sectors who have increased their prices although they are in no way affected by the devaluation of the rupee being fully indigenous and not dependent on imports and having no compulsion to increase their prices. This behaviour has given a setback to cotton textiles, rice and other exchange earning industries.

The government needs to check why they have increased their prices on this pretext.

President UNISAME Zulfikar Thaver said the SME exporters were looking forward to reduce their invoice prices taking into consideration the Pakistani rupee they would realize due to the devaluation but their plans were negated by the increase in prices by the unexpected increase in prices of raw materials by the greedy local manufacturers who are taking undue advantage of the situation.

Thaver said the price control authorities in all the provinces of the country must take note of the situation and keep a check on the prices. Only those manufacturers who are affected by the depreciation of the rupee due to their imports of inputs be allowed to increase their prices and that too only to the extent of the burden imposed on them.

The Price Control and Prevention of Profiteering and Hoarding Act 1977 forbids illegal increase in prices and the federal and provincial governments must act promptly to save the situation in good time.

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