KATI rejects increase in POL prices

KARACHI: The officials of Korangi Association of Trade and Industry (KATI) have rejected the increase in POL prices terming it unreal and unjust at the time when other countries in the region are extending price relief to their people.

Patron In-chief KATI S M Muneer, Chairman, Razzak Hashim Paracha, Vice Chairmen, Amjadullah Khan and Najmul Arfeen in a statement said that the frequent increases in utility prices by the government has caused massive increase of 14 per cent in the cost of production rendering the industry incompetent in the international market.

Paracha while showing his utter surprise over the government’s decision said that India has recently reduced petroleum prices by Rs2 per liter while Pakistan is increasing POL prices unjustifiably.

He argued that as compared to India Pakistan is producing 20 to 25 percent oil indigenously besides getting oil from Gulf States on subsidized rates while India doses not have any of this advantage.

President, Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Husain while condemning the hike in POL prices, said that there was no valid reason for the government to resort to such a cruel decision at this juncture when the people have almost buried under the skyrocketing prices of utilities and food items.