KATI rejected the sudden rise in prices of petroleum products

KARACHI: (HRNW) President Korangi Association of Trade and Industry (KATI) Salman Aslam has rejected the sudden rise in prices of petroleum products last night. He said that despite the decision of the Prime Minister to maintain the prices, the authorities suddenly increased the prices in the dark of night. KATI strongly condemn this move by the Petroleum Division including OGRA.
President KATI called on the Prime Minister to take notice of the sudden rise in prices. The prices of petroleum products have reached the highest level in the history of the country which is becoming beyond the reach of the industrialists including the people. The people are no longer able to cope with the highest inflation and production costs, nor can the industrialists afford it. He said that the mechanism has been fixed by the government that the prices of petroleum products will be reviewed every 15 days. However, OGRA disobeyed the orders of the Prime Minister and increased the prices in the dark of night.
Salman Aslam said that this decision will bring a storm of inflation. Prime Minister relief efforts are being thwarted by the authorities. He said that the government should immediately reverse its decision to increase prices. He said that relief should be provided to the people and industrialists, adding that such untimely rise in prices would not only lead to destruction of industries but would also lead to alarming rise in unemployment. He said that frustration was growing among the industrialists and such measures would lead to flight of capital from the country and the industrialists would not be able to compete in the international market.
The price of this decision will have to be paid by reducing exports, which is linked to the country’s economy and survival.