Acting-President of Korangi Association of Trade & Industry (KATI) Nighat Awan has expressed concern over the increase in petroleum prices and urged to revisit the pricing methodology fortnightly.
In a statement released by KATI, she said that as the country’s ordinary people already having a tremendous economic hardship due to financial crunch created due to the pandemic and skyrocketing prices of essential commodities, in the pretext higher prices of petroleum products would burden the financial hardship of people.
She mentioned that the fortnightly petroleum pricing methodology was souring the price hike of essential commodities and fluctuating them twice in a month; it should be revisited. She believed that due to the slow down of economic and industrial activities in the time of corona pandemic, providing relief to ordinary people should be the prime focus of policymaking.
She also suggested that to curb the production cost of industries and price inflation, an effective estimation mechanism of demand and supply should be established. She urged the government to revisit the price hike in petroleum products and fortnightly pricing methodology in the immense public interest.