KARACHI: Korangi Association of Trade and Industry (KATI) has voiced its apprehensions over the recent hike in petrol prices, with KATI President Johar Qandhari demanding a more significant reduction in diesel prices to alleviate the economic burden on citizens and industries alike.

Qandhari expressed dismay over the government’s decision to increase petrol prices by 9 rupees and 66 paisa, citing the detrimental impact on the economy, particularly on the working class and low-income segments of society.

He emphasized that continuous price hikes in petrol could exacerbate economic difficulties, pushing more people below the poverty line.

While acknowledging the recent reduction in diesel prices by 3 rupees and 32 paisa, Qandhari argued that this adjustment was insufficient to address the soaring costs of production and transportation.

He cautioned that transporters were unlikely to lower fares significantly in response to marginal reductions in diesel prices, thereby failing to benefit both industries and consumers.

Qandhari underscored the ripple effects of petrol price hikes, including increased transport fares, rising utility bills, and inflationary pressures on commodity prices.

He stressed the urgent need for substantial reductions in petroleum prices to mitigate the economic strain on businesses and individuals.

Furthermore, Qandhari highlighted the broader economic ramifications of inflation, including dwindling job opportunities, industrial closures, and diminishing capital investment.

He urged the government to implement comprehensive measures to control production costs and curb inflation effectively.

Qandhari expressed hope that the government would address the pressing concerns of the populace and take decisive action to alleviate their hardships.

Copyright Business Recorder, 2024