ANL 12.55 Decreased By ▼ -0.59 (-4.49%)
ASC 12.21 Decreased By ▼ -0.09 (-0.73%)
ASL 13.28 Decreased By ▼ -0.16 (-1.19%)
BOP 8.55 Increased By ▲ 0.14 (1.66%)
BYCO 5.90 Decreased By ▼ -0.10 (-1.67%)
FCCL 17.52 Decreased By ▼ -0.33 (-1.85%)
FFBL 23.80 Decreased By ▼ -0.31 (-1.29%)
FFL 10.01 Decreased By ▼ -0.14 (-1.38%)
FNEL 9.23 Decreased By ▼ -0.29 (-3.05%)
GGGL 14.74 Increased By ▲ 0.64 (4.54%)
GGL 26.36 Increased By ▲ 0.20 (0.76%)
HUMNL 5.85 Increased By ▲ 0.11 (1.92%)
JSCL 15.00 No Change ▼ 0.00 (0%)
KAPCO 31.40 Increased By ▲ 0.15 (0.48%)
KEL 3.32 Decreased By ▼ -0.05 (-1.48%)
MDTL 2.08 Decreased By ▼ -0.02 (-0.95%)
MLCF 32.44 Decreased By ▼ -1.16 (-3.45%)
NETSOL 94.68 Increased By ▲ 3.73 (4.1%)
PACE 4.05 Decreased By ▼ -0.10 (-2.41%)
PAEL 21.00 Increased By ▲ 0.30 (1.45%)
PIBTL 7.35 Decreased By ▼ -0.05 (-0.68%)
POWER 6.25 Decreased By ▼ -0.19 (-2.95%)
PRL 12.29 Increased By ▲ 0.13 (1.07%)
PTC 8.62 Decreased By ▼ -0.06 (-0.69%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 37.84 Increased By ▲ 0.04 (0.11%)
TELE 15.55 Increased By ▲ 1.20 (8.36%)
TRG 93.71 Increased By ▲ 6.53 (7.49%)
UNITY 22.98 Increased By ▲ 1.02 (4.64%)
WTL 2.07 Increased By ▲ 0.04 (1.97%)
BR100 4,487 Increased By ▲ 14.3 (0.32%)
BR30 17,781 Increased By ▲ 186.4 (1.06%)
KSE100 43,847 Decreased By ▼ -6.6 (-0.02%)
KSE30 17,049 Increased By ▲ 43.7 (0.26%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471

KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said that record hike in petroleum prices is damaging masses and the economy therefore the decision should be reversed without any delay.

Exchange rate erosion coupled with the increased price of petroleum products has made life difficult for the masses who see no relief in sight.

Mian Zahid Hussain said that the government has also planned to escalate the power tariff which is unacceptable.

Talking to the business community, the veteran business leader said that the value of the dollar is increasing while the price of petroleum products is at a historic high which has made it impossible for the masses to make both ends meet.

The decision to let the dollar gain value, increased price of staple and petroleum price increase has put an additional burden of billions of rupees on the masses reeling under unprecedented inflation.

The government has failed to provide any relief to the masses during the last three years and it is still relying on promises which are not going down well with the masses.

He noted that many have become unemployed due to business closures and called upon the government not to remain indifferent to the plight of the masses.

He said that the price of edibles, pharmaceuticals and almost all other things have gone beyond the reach of ordinary people but they are burdened by such decisions.

Mian Zahid Hussain further said that OGRA always recommends a hefty hike in the price of petroleum products while the government increases prices that are below the proposed prices giving the impression that the government is sympathetic towards the masses which is not the case.

He said that increased value of the dollar indicates that policymakers are helpless while the exchange rate erosion is destroying the economy as the exports have remained below the expectations.-PR

Copyright Business Recorder, 2021

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.