On Friday, Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said that a record hike in petroleum prices is damaging masses, and the economic decision should be reversed without any delay.

Exchange rate erosion coupled with the increased price of petroleum products has made life difficult for the masses who see no relief in sight.

Mian Zahid Hussain said that the government has also planned to escalate the power tariff, which is unacceptable.

Talking to the business community, the veteran business leader said that the dollar’s value is increasing while the price of petroleum products is at a historic high, which has made it impossible for the masses to make both ends meet.

The decision to let the dollar gain value, increased price of staple and petroleum price increase has put an additional burden of billions of rupees on the masses reeling under unprecedented inflation.

The government has failed to provide any relief to the masses during the last three years, and it is still relying on promises which are not going down well with the groups.

He noted that many have become unemployed due to business closures and called upon the government not to remain indifferent to the plight of the masses.

He said that the price of edibles, pharmaceuticals, and almost all other things has gone beyond ordinary people’s reach, but such decisions burden them.

Mian Zahid Hussain further said that OGRA always recommends a hefty hike in the price of petroleum products. At the same time, the government increases prices below the proposed prices giving the impression that the government is sympathetic towards the masses, which is not the case.

He said that the increased value of the dollar indicates that policymakers are helpless while the exchange rate erosion is destroying the economy as the exports have remained below the expectations.