The decision by the caretaker government to escalate the price of petroleum by 17 rupees to 50 paise and diesel by 20 rupees has drawn strong criticism from Faraz-ur-Rehman, the President of the Korangi Association of Trade and Industry (KATI). Reiterating his concerns, Rehman highlighted that the consecutive surge in fuel prices is exerting mounting pressure on the country’s economy, subsequently leading to an increase in unemployment.

Faraz-ur-Rehman further elaborated that these price hikes disproportionately affect the underprivileged segments of society, pushing them deeper into financial hardship and propelling them below the poverty line. He pointed out that the prevailing inflationary pressures have already taken a toll on the lower-income groups.

The President of KATI, known for his staunch stance on economic matters, emphasised that the recent price escalation would significantly blow industrial operations, potentially causing a surge in unemployment figures across the nation. Rehman noted that the spike in energy costs contributed to financial burdens faced by the working class and the impoverished. He attributed this to rising public transportation fares, increased electricity and gas bills, and overall food costs, further exacerbating the ongoing inflationary crisis.

Rehman’s apprehensions extended to a broader spectrum of society, affecting not only those belonging to the low and middle-income brackets but also the business community. He highlighted that the incessantly rising energy prices would trigger a domino effect, resulting in higher transportation costs for goods and adversely impacting industries dependent on cargo shipping and freight services. Such unprecedented cost increments, he pointed out, could prove detrimental to the industry’s ability to stay afloat.

To address these challenges, Faraz-ur-Rehman urged the government to urgently prioritise implementing renewable energy initiatives. He noted that such projects often require an extended timeline for completion and stressed the importance of starting them promptly to mitigate the impact of energy price escalations.

Moreover, Rehman underlined the current grim scenario where increasing inflation, coupled with soaring electricity, fuel, and gas prices, has culminated in dwindling job opportunities, industrial closures, and a discernible decline in foreign investment. Expressing concern about the nation’s developmental trajectory under such circumstances, Rehman called for establishing a comprehensive governmental framework to control production costs and curb inflation.

The President of KATI criticised the government for imposing petroleum levies and taxes as per the International Monetary Fund’s (IMF) stipulations, a move that has significantly affected the public budget.

In conclusion, President Faraz-ur-Rehman expressed optimism that the caretaker government would take cognisance of the challenges faced by the populace and initiate appropriate measures to alleviate their predicaments. However, as the debate over escalating energy prices continues, how the authorities address these pressing concerns and navigate the intricate economic landscape remains to be seen.