Hike in petroleum prices: PIAF urges government not to accept Ogra's summary

The Pakistan Industrial and Traders Association (PIAF) has urged the caretaker government not to accept the OGRA summary for increasing the petroleum prices from August and deferred the matter for the upcoming government.
PIAF Chairman Irfan Iqbal Sheikh on Tuesday said that the previous raise in the oil prices has adversely impacted the national economy as production cost has increased substantially. The public has already paying heavy taxes on the petroleum products which need to be reduced, he said.
He further urged the government to pass on the relief of lowering inter-bank rate and appreciation of the local currency to the general public and reduce oil prices accordingly. The price hike in the petroleum products results in expensive power generation. Therefore, the government should curtail non-development expenditures, lower duties and taxes so that production cost could be brought down that would help compete the local products in the international market, he added.