Third hike in petroleum products exposes budget promises

Business News English

Islamabad, July 19, 2021 (PPI-OT): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday said the third hike in the price of petroleum products since the annual budget has triggered a new wave of inflation.

The continued hike in the price of food items, petroleum prices and everything else has exposed the promise of a people-friendly budget, he said. Mini-budgets have raised concerns among masses depriving them of joys of the upcoming Eid, he added. Shahid Rasheed Butt said petroleum prices have not been increased according to the prices in the international market but the excuse was used to put further burden on the masses.

He said that government should not increase the price of petroleum products but reduce its profit to save masses from runaway inflation. The business leader noted that direct and indirect taxes on essentials have eroded the buying power of the masses making life difficult for them. Masses are so tired of the situation that they are unable to raise their voice while reduction of a few paisa in the power tariff amounts to adding insult to the injury.

He said that the IMF’s orders are being followed blindly which amounts to punishing poor masses. As usual, the oil marketing companies had squeezed supplies in the last four days before the latest increase creating a crisis for stations which helped them earn billions once the price increase was notified. This is a practice observed regularly on the 15th and 30th of every month if the oil companies expect a hike in petroleum prices.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

The post Third hike in petroleum products exposes budget promises appeared first on Business News Pakistan.