Chairman Shaikh Fazl-e-Jalil, Senior Vice Chairman Razzak Hasham Paracha, Vice Chairman, Syed Ali Qandhari, Patron-in-chief, S M Muneer, former chairmen Shaikh Manzar Alam and Abdul Haseeb Khan of Korangi Association of Trade and Industry (KATI) have urged the government to take remedial measures to offset recent price hike so that cost of production could be lowered and control the inflation.
In a joint statement, they showed their deep concern over the recent price hike in petroleum products, they said that an increase of Rs 3 per liter in both petrol and diesel would increase the cost of production which was already on the higher side and had rendered our products un-competitive in the international market. In the regional perspective, India had reduced the prices of petroleum twice in a fortnight.
They said that the increasing of cost of petroleum products would result in further inflation, which was hovering at around 14 percent. They said that the government had already revised upward its annual inflationary target, envisaging a hike in the consumer price index up to 10 percent from the earlier target of 6.5 percent for the current fiscal year.-PR