KARACHI: President of the Korangi Association of Trade and Industry (KATI) Faraz-ur-Rehman has rejected the recent increase in the prices of petroleum products.

The price of petrol has been increased by Rs 35 per litre which is unacceptable. The compulsion for the sudden increase in the prices of petroleum products on a holiday before the scheduled period is beyond comprehension, he added.

He said that politicians should reduce their expenses, just as the caretaker cabinet of Punjab refused to take allowances given the worsening economic conditions of the country, which is highly appreciated. He said that other provinces should also follow in their footsteps and give up the allowances to reduce expenses.

Faraz-ur-Rehman said that due to the expected increase in energy prices, the working class is being financially burdened by the storm of inflation, increase in public transport fares, rising electricity and gas bills and increase in consumption of commodities has made their life worse.

President KATI said that if the energy prices continue to rise in such a situation, the consequences will be serious not only for the low and middle-income class but also for the business class. He said that the rising price will also increase the cost of transportation of goods, increasing costs of cargo ships and record cost increases by freight companies which the industry cannot afford.

Faraz-ur-Rehman said that the rulers are burying the people alive instead of reducing their expenses, inflation, poverty, and unemployment are talking to the sky, and the sharp increase in the prices of food and drink has made the life of the poor people miserable. In these circumstances, instead of providing facilities to the people, the ruling government has increased the petrol prices by 35 per liter on IMF's will, which is completely unfair.

Copyright Business Recorder, 2023