KARACHI, Oct 15 (Online): 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 Friday expressed grave concern over news regarding the planned increase in the price of petroleum products from Rs6 to Rs9.
The move will increase the pace of inflation and it will reduce millions of masses and thousands of businesses to bankruptcy, he said.
Mian Zahid Hussain said that government should realise the current challenging situation and defer the plan to increase the price of petroleum products otherwise it will open floodgates for inflation.
Talking to the business community, the veteran business leader said that an oil price hike in the international market and a weaker rupee has prompted the government to reduce taxes imposed on this sector which reduced revenue but now some circles are proposing a hike to compensate for losses.
A hike in petroleum prices is according to the wishes of IMF but against the national interests therefore the government should fill the revenue gap through direct taxes, he demanded.
The business leader said that government wants to revive stalled IMF programme and secure a loan of one billion dollars, therefore, it has agreed to increase the price of petroleum products and revise the electricity tariff.
Follow the PNI Facebook page for the latest news and updates.
