KARACHI: Trade and industry has widely condemned the cruel act of massive increase in petroleum products and CNG prices by the government.
In a statement Patron In-Chief Korangi Association of Trade and Industry (KATI) S M Muneer, Chairman Ehtesham Uddin, President All Karachi Industrial Alliance (AKIA) Mian Zahid Hussain, Vice Chairmen Hasham A Razzak, Tariq Malik and Chairman Press and Media Committee Syed Johar Ali Qandhari unanimously rejecting a big hike in POL prices they demanded government to withdraw unjustified raise immediately.
They said petroleum prices were already at the highest level and any further increase would prove the last straw that breaks the camel’s back. They said that Rs7.67 increase in petrol price is just unbearable for the common man and for the business circles.
KATI Chairman said a comparison between the international oil prices and local prices was enough to make the point the local prices have registered more than 50 percent increase in the last two years in comparison with the global rates.
Mian Zahid said the increase would hit all sectors of the economy that would jack up the inflation and resultant hike in mark-up rates and disturb the entire economic cycle.
If the fuel would be heavily taxed the entire economy would suffer and the same happened in Pakistan as the repeated increases in the POL prices had ruined the industrial and economic activities.
Due to high cost of doing business in Pakistan, a large number of industrial units had already shifted their operations to other countries and the recent decision would force more industrialists to follow the suit.
The Chairman Pakistan Tanners Association (PTA) SZ, Khurshid Ahmed while rejecting the unjustified increase in KESC tariff and POL prices said that the entire industrial sector was already facing multiple internal and external challenges and any new increase in POL prices would further aggravate the economic situation. He said that unabated and frequent increases in POL prices and utilities' tariff has already broken the backbone of the business community but despite big uproar by the trade and industry and even entire nation government is firm in its anti-economy and anti nation decisions.
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