LAHORE Rejecting the recent increase in the petroleum prices, PML-N Quaid Nawaz Sharif has underscored the need for withdrawing the same, asserting that the move multiplied the problems being faced by the people in addition to indicating the failed economic policies of the government. According to him, the hike in the petroleum prices speaks volumes about the failure of the economic policies of the government which should have aimed at providing relief to the poor instead of burdening them with more liabilities. He said at a time when the petroleum prices are showing a downward trend in the international market, the hike in this regard is unjustified. He deplored the fact that neither the parliament nor the Opposition, including PML-N was taken into confidence in this regard, the PML-N failed to understand the factors behind increasing petroleum prices. Nawaz pointed out that the annual losses of the state-owned institutions like PIA, Pakistan Steel Mills, Railways and PEPCO have reached a staggering figure of Rs 300 billion, indicating that government was indifferent to the miseries of the poor. He lamented over the governments failure to bolster economy which was also evident from the fact that burden of internal loans which was Rs 7 trillion at the end of Musharraf regime, has now swelled to Rs 8.5 trillion in less than two years, indicating the gravity of current economic plight.