Patron in Chief of Korangi Association of Trade & Industry (KATI) SM Muneer, President Sheikh Umer Rehan, Senior Vice President Ikram Rajput and Vice President Syed Wajid Hussain condemned historic hike of petroleum prices and termed this decision of federal government as setback to industry and common people.

SM Muneer noted that common people never get the benefits of oil price reduction made earlier this month but increase in the price would prove a “price hike bomb” for them. He mentioned that industry already suffering due to higher cost of production and this decision would add on the burden up to unbearable level.

Sheikh Umer Rehan said that during the pandemic relief, initiatives were expected from the government but it went otherwise. He said that the new wave of price hikes of commodities will make the current situation worse and government has no capacity to cop up the fall back of this decision. He urged that to provide relief to people, the government should reduce taxes as levy on petroleum products.