NKATI urges PM Imran to reduce petroleum prices

NKATI urges PM Imran to reduce petroleum prices

KARACHI: Faisal Moiz Khan, President North Karachi Association of trade & industry (NKATI), has expressed concerns over the surge in domestic petroleum prices, and requested Prime Minister Imran Khan to revert the decision.

In a statement issued on Wednesday, he also requested the prime minister to reduce the price in order to control the inflation and to reduce the cost of industrial production.

READ MORE: Pakistan raises petrol price to record high at Rs160/liter

In an appeal, Faisal Moiz Khan expressed concern that the recent rise in petroleum prices would result in huge increase in industrial production cost and would have a very negative impact on local industries as well as export industries, while there will also be a flood of inflation which will affect the poor and middle class the most.

“Making it easier to do business and promote industrialization is the vision of the Prime Minister. On the contrary, the government is taking steps to make business difficult and shut down industries, raising concerns among the business and industrial community,” he pointed out.

READ MORE: NKATI expresses concerns over gas disconnection

NKATI president was of the opinion that electricity is expensive, gas is expensive and now petroleum products have become expensive. How to run industries in such a situation? Because the cost is constantly rising due to government measures.

Faisal Moiz Khan added that the government talks of providing facilities to industries to increase exports but in practice problems are being created instead of facilities so if the government really wants to stabilize Pakistan’s economy and promote industries then reduce the prices of petroleum products, including utility charges. Otherwise, Prime Minister Imran Khan’s dream of making Pakistan economically stable will never come true.