Further hike in petrol prices: KATI chief slams Miftah’s statement

KARACHI: President of Korangi Association of Trade and Industry (KATI) Salman Aslam expressed his concern over Federal Minister of Finance Miftah Ismail’s indication of a further increase in the prices of petroleum products.

He said the federal minister has asked to increase the petrol levy by 10 rupees from Sep 1 up to Rs 50 per litre, which will be very harmful to the economy.

The prices of petrol in the global markets have reached the lowest level in 5 years, while the cost of dollar has also decreased by more than 30 rupees in the past few days. In this case, the increase in the prices of petroleum products by justifying the IMF agreement is not acceptable.

Salman Aslam said his party leadership is also unhappy with the finance minister’s decision, while the government's allies are also not supporting this initiative as it will increase inflation instead of being controlled.

He said the finance minister has expressed his commitment to reducing inflation, but that it is not possible unless petroleum products and utility prices are reduced. It is impossible to control inflation or inflation due to the cost of production.

The KATI president said the government does not consult or trust the business community before setting terms with the IMF, due to which government decisions affect the country's economy.

Salman Aslam said that the government had already increased the price of electricity in the last few days, after which there was no justification for increasing the prices of petroleum products.

He appealed to the government to immediately withdraw the increase in the prices of petroleum products and keep the petroleum levy at a minimum level. He said that the finance minister's statement creates a chaotic situation among investors and stakeholders, directly affecting the country's stock market and investments.

Copyright Business Recorder, 2022