KARACHI: Korangi Association of Trade and Industry (KATI) in a statement on Wednesday strongly criticized the government for the substantial increase in petroleum prices.
Ms. Maheen Salman, acting president of KATI said that increase in prices of petroleum products by the government more than Rs 12 per liter is unacceptable and unbearable.
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She said that the price of petrol in the history of the country has crossed the highest level of Rs150 liter and reached a PKR 160 per liter which is alarming. Earlier, the price of petrol was beyond the purchasing power of the people.
Maheen Salman said that due to the policy of the government, the inflation for the lower income group had gone up to 21 percent and now the recent increase in petroleum products will further increase the inflation which will severely affect the middle class and upper-middle-class including the poor.
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Acting President KATI said that inflation has broken the back of the low-income group. There are no steps being taken by the government to provide some relief to the poor.
Maheen Salman further said that the statement of the Finance Minister came out in the assembly that the IMF has strict conditions to withdraw the subsidy from the people.
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In such a situation, the government is increasing inflation on a daily basis but the means for the increase in revenue are not being created.
Job opportunities are dwindling, industries are closing, flight of investment is all-time high, so how can the country develop. She appealed to the government to keep the inflation rate in line with the purchasing power of the people.