Karachi : There is so much happening on demand and supply fronts that it has created huge raise in Petroleum Prices. Brent is trading 3 month high between $80 to $89 per barrel because of worsening situation in and around Red Sea said ateeq ur rehman ( economic & financial ).
Commonly we were expecting a hike of Petroleum Prices between Rs.5 to Rs.7 per liter but it was raised by Rs. 13.55 per liter which is massive.
This huge raise in Petroleum Prices is terribly effecting all segments of the Society, Industrial Production, Supply Chain Management, Logistic Support Services and all kind of Public / Overland Transportation.
Such raise in Petroleum Prices is impacting on inflation , which is ballooning and blowing the middle class to lower middle class subsequently it is increasing the poverty level which has crossed the 60% .
Government should have reduced its Petroleum Levy which is Rs. 60 per liter for giving relief to a common man by reducing the Petroleum Prices. This would have really made a difference for Motorcyclist, Auto Rikshaws, Public Transport, Carriage Services, etc.
