KARACHI: Korangi Association of Trade and Industry (KATI) President Johar Qandhari has strongly opposed the recent increases in petrol and electricity prices.
He criticised the Oil and Gas Regulatory Authority’s decision to raise petrol prices by Rs 9.99 per liter and the National Electric Power Regulatory Authority’s 170% hike in electricity tariffs, warning of severe economic repercussions. “These price hikes have already forced over 100 industries to shut down, causing a surge in unemployment and inflation.”
He pointed out that such measures are detrimental to the country’s economic stability, highlighting a drop in exports from $ 19 billion to $ 16 billion due to the increased costs.
Qandhari expressed concerns that continued rises in electricity prices would further harm exports, pushing the economy into a deeper crisis.
“The inflation caused by escalating petroleum prices will worsen living conditions for the public and destabilise the economy further,” he warned.
He stressed that achieving economic growth targets would be challenging under current policies, leading to decreased exports, lower incomes, and reduced revenue collection.
Copyright Business Recorder, 2024
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