Rising Petroleum Prices to Exert Strain on Economy, Threatening Industries and Employment, WarnsKATI President Faraz-ur-Rehman.

Karachi: The decision by the caretaker government to escalate the price of petroleum by 17 rupees 50
paisa and diesel by 20 rupees has drawn strong criticism from Faraz-ur-Rehman, the President of the
Korangi Association of Trade and Industry (KATI). Reiterating his concerns, Rehman highlighted that the
consecutive surge in fuel prices is exerting mounting pressure on the country’s economy, subsequently
leading to an increase in unemployment.
Faraz-ur-Rehman further elaborated that the cumulative impact of these price hikes is
disproportionately affecting the underprivileged segments of society, pushing them deeper into financial
hardship and propelling them below the poverty line. He pointed out that the prevailing inflationary
pressures have already taken a toll on the lower-income groups.
The President of KATI, known for his staunch stance on economic matters, emphasized that the recent
price escalation would deal a significant blow to industrial operations, potentially causing a surge in
unemployment figures across the nation. Rehman noted that the spike in energy costs was contributing
to financial burdens faced by the working class and the impoverished. He attributed this to rising public
transportation fares, increased electricity and gas bills, and a surge in overall food costs, further
exacerbating the ongoing inflationary crisis.
Rehman’s apprehensions extended to a broader spectrum of society, affecting not only those belonging
to the low and middle-income brackets but also the business community. He highlighted that the
incessantly rising energy prices would trigger a domino effect, resulting in higher transportation costs
for goods and adversely impacting industries dependent on cargo shipping and freight services. Such
unprecedented cost increments, he pointed out, could prove detrimental to the industry’s ability to stay
afloat.
To address these challenges, Faraz-ur-Rehman urged the government to urgently prioritize the
implementation of renewable energy initiatives. He noted that such projects often require an extended
timeline for completion and stressed the importance of starting them promptly to mitigate the impact
of energy price escalations.
Moreover, Rehman underlined the current grim scenario where increasing inflation, coupled with
soaring electricity, fuel, and gas prices, has culminated in dwindling job opportunities, industrial
closures, and a discernible decline in foreign investment. Expressing concern about the nation’s
developmental trajectory under such circumstances, Rehman called for the establishment of a
comprehensive governmental framework aimed at controlling production costs and curbing inflation.
The President of KATI criticized the government for imposing petroleum levies and taxes as per the
International Monetary Fund’s (IMF) stipulations, a move that has significantly affected the public
budget.
In conclusion, President Faraz-ur-Rehman expressed optimism that the caretaker government would
take cognizance of the challenges faced by the populace and initiate appropriate measures to alleviate
their predicaments. However, as the debate over escalating energy prices continues, it remains to be
seen how the authorities address these pressing concerns and navigate the intricate economic
landscape.