Pakistan Chemicals & Dyes Merchants Association (PCDMA) has cautioned that the recent Rs55-per-litre hike in petroleum product prices has begun to inflict serious damage on the economy, pushing business costs to unsustainable levels and slowing commercial activity.

PCDMA Chairman Salim Valimuhammad, in a statement, urged Prime Minister Shehbaz Sharif to take immediate measures to mitigate the economic fallout of the steep fuel price increase. He said the sudden increase in petrol and diesel prices had placed an “extraordinary financial burden” on traders, particularly importers and exporters.