KATI fears further inflation with planned petroleum levy rise

KATI fears further inflation with planned petroleum levy rise

KARACHI: Korangi Association of Trade and Industry (KATI) has expressed fears that planned enhancement in petroleum levy for further increase inflationary pressure.

KATI President Faraz-ur-Rehman in a statement issued Friday said that increasing the levy on petroleum products from Rs70 to Rs100 per liter will increase the inflation rate, which the people and the business community cannot afford.

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He, however, welcomed the preparation of a 10-year economic plan by the government. He said that there was a long-standing demand from the businessmen and industrialists that the government formulates a 10-year economic policy or charter of economy, but in this decision consultation with the stakeholders should be mandatory.

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Faraz-ur-Rehman said that before imposing an additional tax on the traders and business community, the government should have talked with the business community so that the additional tax on the industry which is on the brink of collapse would not prove to be more harmful.

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He said that debt restructuring is a positive step, in this regard the government should contact friendly countries and especially should pave the way for negotiations with the IMF to remove the immediate shortage of reserves.

Faraz-ur-Rehman appealed to the government to formulate a policy based on the suggestions of all stakeholders before making a decision so that everyone can play their role in stabilizing the economy.

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