KARACHI– Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said that oil prices are falling in the international market but there is no relief in sight for the people in Pakistan.
Rather, the government is planning to increase the oil prices which will further burden the masses which are already reeling under record inflation, he said.
Mian Zahid Hussain said that the government should provide some relief to the masses and avoid adding to their miseries.
Talking to the business community, the veteran business leader said that he said that the price of oil in the global market has been falling for three consecutive weeks due to lack of demand and expectations of increased supply.
The government is not transferring the benefit of reduced oil prices in the international market to the masses who are braving the destructive impact of inflation on their buying power.
Another hike in oil prices is against the interests of the country and the nation as the average income of the laborer has fallen below the monthly expense of buying roti.
Mian Zahid Hussain said that recently, the price of petrol was increased by Rs8 on the rise of Rs3 in value of dollar and now petroleum products are being made more expensive on the pretext of depreciation of rupee which is unacceptable.
The rupee itself has not weakened but has been weakened under a scheme by the policy makers and now they are justifying another hike which is unacceptable as it will make the lives of masses more difficult.
He said that the central bank has decided to increase the case reserve requirement of scheduled banks from five per cent to six per cent to curb rupee depreciation and inflation.
The money supply in the market is being reduced to moderate the demand and reduce pressure on the rupee.
The central bank has taken such a decision after nine years as a result of which at least one hundred and seventy billion rupees will be sucked from the banking system and they will be forced to provide better services to the people.
