The Korangi Association of Trade and Industry (KATI) strongly opposed the recent increase in petroleum prices, calling for its immediate withdrawal. President Faraz-ur-Rehman expressed concern over the burden this decision would place on the people and emphasised the need for the government to reduce excessive expenses instead.

In a press statement, Faraz-ur-Rehman highlighted the challenges industries face amidst record-high production costs and rampant inflation. He criticised the government for implementing a sudden increase of 19 rupees in petroleum prices, which would not only impact industrialists but also exert severe economic pressure on the general public.

The President of KATI underscored the importance of taking effective measures to control production costs and inflation at the government level. He accused the government of affecting the public’s budget by raising petroleum levies and taxes, following the terms the International Monetary Fund (IMF) set.

Faraz-ur-Rehman emphasised that the recent price hike would escalate inflation further, leading to financial strain on the working class due to increased public transport fares, higher electricity and gas bills, and rising commodity prices. He referred to the government’s move as detrimental, potentially damaging its electoral prospects.

The soaring petrol prices would also contribute to the increased cost of transportation and cargo shipments, putting additional pressure on industries already struggling to cope with the existing challenges.

President KATI voiced concern about the government’s failure to control expenses and address inflation, poverty, and unemployment, which had adversely impacted the lives of the poor. He urged the government to prioritise the well-being of the people and align the inflation rate with their purchasing power.

Faraz-ur-Rehman directly appealed to Prime Minister Shehbaz Sharif to reconsider the recent price hike and take immediate action to withdraw it, ensuring relief to the industrial sector and the general public alike. He stressed that responsible and people-centric policies could only achieve economic stability and development.