KARACHI: Korangi Association of Trade and Industry (KATI) president Saleem-uz-Zaman has rejected the government's decision to increase the prices of petroleum products. KATI chief appealed Prime Minister Imran Khan to reverse the recent rise in petroleum prices. He said rising cost of production was a result of rising prices and hence causes not affordable inflation.
President KATI added that the recent increase would not only affect the industrialists but also the people. He said the crisis caused by the Covid-19 had affected industries and businesses, people were already under economic pressure. In such a situation, maximum steps need to be taken to provide relief. President KATI said that a comprehensive system should be set up at the government level to control the production cost and inflation of industries.
Saleem-uz-Zaman said the government should include new taxpayers in the tax net instead of increasing petrol prices to achieve the target of Petroleum Development Levy. He said increase in petrol prices would also increase the prices of electricity and food items.
Copyright Business Recorder, 2021