Massive hike in oil prices criticised

LAHORE – The continuous surge in the prices of petroleum products by the government to meet its huge expenses will collapse the industry.
In a statement, Chairman Punjab Dyes and Chemicals Merchants Association and former senior vice president LCCI, Khawaja Khawar Rashid said that the business community is unable to understand that why not the incentives of ministers and bureaucrats in the form of free petrol and other utilities are withdrawn.
He said that due to the government measures, the stock market is crashing with a loss of 2,000 points a day which is frightening the investors, but the government is not ready to mend its situation.
He said that the facilities of free petrol, electricity, gas and other utilities to the federal and provincial ministers, assembly members and bureaucrats should be ended instantly. He added that they should be instructed to buy petrol from their own salary and pay utilities as they can better afford these things as compared to a lay man. The situation cannot be better until they go through the pain from which the people are suffering. Khawaja Khawar Rashid said that the government has increased the petrol prices from 150 to 248.74 per litre in a short period which is badly affecting the business community and masses. This continuous hike in prices is leading us to a severe wave of inflation which will spread turbulence in the country. He further stated that the finance minister is putting the blame of this situation on currency devaluation.

He must keep in mind that taking measures to strengthen the value of national currency is not the responsibility of business community or people but of the government.
He said that the prices of oil and petrol have been decreased internationally but the government has again increased the prices in the country. He said that recently the government has also imposed the super tax and now the increase in the prices of petroleum product will be a big punch to the industry and agriculture.

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