By Commerce Reporter
LAHORE: The Pak International Business Forum (PIBF) has announced full support for a nationwide demonstration scheduled for May 15, 2026, against the recent increase in petroleum product prices by the federal government.
PIBF President Dr. Mushtaq Mangat said the continuous rise in petrol and diesel prices had become unbearable for both the business community and the general public, as higher fuel costs were increasing transportation expenses, industrial input costs, and prices of essential commodities.
He urged the government to immediately review the recent hike in petroleum prices, stating that it was adversely affecting industrial productivity, trade activities, exports, and the purchasing power of the masses.
Dr. Mangat said PIBF fully supports the protest campaign and warned that if necessary, its local chapters and affiliated organizations across different cities would also organize demonstrations to send a strong message to the government regarding escalating fuel costs.
He noted that businesses were already facing multiple challenges, including high electricity tariffs, heavy taxation, and expensive financing, and that the latest increase in fuel prices would further intensify inflationary pressure and slow economic activity.
Alongside its protest support, PIBF has also presented a seven-point economic revival agenda for the upcoming federal budget, urging the government to introduce business-friendly reforms to restore industrial growth and improve the investment climate.
The forum said Pakistan’s economy requires stable, long-term and growth-oriented policies instead of temporary fiscal measures, highlighting issues such as high interest rates, costly energy, taxation complexities, and rising fuel costs.
PIBF leadership, including Secretary General Muhammad Ejaz Tanveer and Chief Organizer Muaz Qazi, emphasized that immediate structural reforms are essential to revive investor confidence and economic activity.
The proposed agenda includes rationalization of interest rates, revival of Development Finance Institutions (DFIs), and targeted financing for export-oriented sectors to promote industrial expansion.
On taxation, PIBF called for broadening the tax base, lowering tax rates, and introducing a digitized single-window system to simplify compliance and improve transparency.
Highlighting the energy sector, the forum said high electricity and gas tariffs have reduced industrial competitiveness and demanded regionally competitive energy pricing along with governance reforms in distribution companies.
PIBF also proposed a fuel price stabilization mechanism and rationalization of petroleum levies to ease the burden on consumers and businesses.
The forum recommended improving ease of doing business through a fully digital one-window framework, policy continuity, and fast-track commercial dispute resolution mechanisms.
It further emphasized human capital development through vocational training, apprenticeship programs, and digital skills initiatives to align the workforce with industry requirements.
PIBF also proposed a “District Economy Model” aimed at promoting decentralized growth by developing local economies based on regional strengths to create employment and reduce urban migration.
Dr. Mangat urged the government to incorporate these recommendations into the federal budget to ensure sustainable growth, industrial revival, and long-term economic stability.
PIBF’s stance reflects growing pressure from the business community, combining protest support with policy proposals to demand both immediate relief and structural reforms.The protest and proposals may increase pressure on the government to revise fuel prices and adopt business-friendly measures to control inflation and support industry. Government response to the protest and upcoming budget decisions will be crucial in shaping Pakistan’s economic direction and investor confidence. With fuel prices directly driving inflation, PIBF’s dual approach highlights the urgency of economic challenges facing Pakistan’s businesses and consumers.
