Chief Petron UBG Mr. SM Munir, President United Business Group Mr. Zubair Tufail, and other leaders and members of UBG have expressed their serious concern and anxiety over the exorbitant increase in petroleum prices. They commented that the recent hike in petroleum prices would cause great damage to the economy and the life of common and poor masses who are already confronted with man challenges.
They said the record rise in prices of petrol and diesel has triggered a fresh record of inflation sending the prices of food, transport, and other essential items to new heights putting more pressure on the middle and lower class. The impact in prices hike will be witnessed in the coming month, particularly in the month of Ramzan, UBG added.
The price hike would also significantly affect the agriculture sector because of inflated transportation costs. The prices of agricultural products food, fruits, vegetables, wheat & flour, fresh milk products will go beyond the affordability of common and poor people, UBG added. UBG further said that the petroleum price hike would increase poverty, inflation, and unemployment in the country and also vehemently affect our export.
It was further stated by UBG that an increase in petrol prices is yet another tyrant to the masses as last week the electricity tariff was increased by Rs 3 per unit. The government has increased POL prices 12 times in 9 months raising the prices to Rs 52 in these months.
Zubair Tufail said that increase in prices of petroleum products by the government of more than Rs 12 per liter is unacceptable and unbearable.
Zubair said Recent increase in Petroleum products prices will hurt low-income people who are struggling to meet their monthly expenses in view of a sharp increase in Electricity, Gas, and Petrol/Diesel prices. Govt. Must reduce the recent increase by 75% otherwise price of all products and services transport will go up further.
