Fill in some text Industries reject hike in petroleum products

Trade and industry leaders have slammed the hike in petrol and diesel rates, saying that it will not only multiply the woes of the inflation-hit masses but will also increase the cost of production.

It is pertinent to state that the government jacked up the prices of petroleum products by a whopping Rs30 per liter. Industry leaders said the government bowed to the IMF to withdraw the fuel and power subsidies in exchange for a $1bn tranche to save the country from an economic meltdown.

Zubair Motiwalla, Chairman Businessmen Group (BMG), said a jump in production cost by 5-7pc due to the petroleum price hike will have a multiplier impact on the prices of goods, which would make the life of the poor masses more miserable due to the rising cost of living. Read Complete Article