KCCI concerned over upsurge in petroleum prices

November 2, 2018 (MLN): President Karachi Chamber of Commerce and Industry (KCCI) Junaid Esmail Makda has expressed deep concern over the increase in prices of petroleum products which would further fuel the inflation and intensify miseries for common man and the Industry.

In a statement issued, Junaid Makda said that the general public was already overburdened because of the recent increase in Electricity and Gas Tariffs which is now followed by the upsurge in petroleum prices. These measures have triggered severe anxiety not only amongst the masses but also the business and industrial community due to rise in cost of doing business.

He opined that keeping in view the economic crises being faced by the country, the government has to take such harsh steps in order to generate revenue but instead of taking these steps back-to-back, they should devise some kind of an effective strategy to ensure some sigh of relief to the masses who will not be able to bear the inflationary burden caused by consecutive price hikes. “If poverty alleviation programs are not on priority list, the government should at least take steps to somehow maintain poverty level across the country”, he added.

He said that the increase in petroleum prices will also bring a negative effect on transportation charges of import-exports cargo, electricity fuel adjustment charges, maintenance cost and other expenditures, which would collectively affect the cost of production and make the manufacturing sector uncompetitive in the international market.

He hoped that the government will review the overall inflationary situation and accordingly take steps to ease the burden on common man’s life and the industry as well, which would be warmly welcomed by the people belonging to all walks of life and also go in favor of the economy.