Korangi Association of Trade and Industry (KATI) on Tuesday expressed concern over delay in revision of petroleum prices by the government.
The revision in petroleum prices was scheduled for September 15, 2022, which was to be implemented from September 20, 2022. It is learnt that the authorities had recommended reduction in prices for the fortnight starting from September 16, 2022.
KATI President Salman Aslam expressed concern over the government’s delay in changing the prices of petroleum products.
He said that there is a trend of continuous decline in oil prices in the global market, and the government should immediately announce a reduction in the price of petrol so that inflation and production costs can be reduced.
Aslam welcomed the Saudi government’s decision of a one-year extension of $3 billion to stabilize Pakistan’s foreign exchange reserves. He said that Saudi Arabia is Pakistan’s best friend and has helped Pakistan in difficult times in the past. With this decision, Pakistan’s foreign exchange reserves and economic stability in the country will be possible.
He hoped that the government will solve the problems faced by the industrialists so that the production process in the country can be accelerated and the economy can travel towards development.