PESHAWAR
Muhammad Faiq Shah, founder and chairman of the Amun Taraqqi Party termed the recent hike in prices of petroleum products will bring a new wave of inflation and hit all segments of society adversely.
The ATP chief asked the caretaker government to review its decision and bring down fuel prices in line with the international market.
Talking to a delegation of business community, traders and industrialists here at the party’s central secretariat on Friday, Shah said prices of petrol, electricity and gas have consistently jacked up and that had brought historic inflation in the country.
He said the cost of business has been increasing owing to continuous jacking up fuel, electricity and gas prices.
He said many industrial units have been shut down amid excessive power and gas outages, generating massive unemployment throughout the country.
Commenting on retaining the high policy rate by the State Bank of Pakistan, Shah said the central bank had kept interest rate unchanged to control the rising inflation, demanding the policy rate be brought down to single digit.
He maintained prices of import items and raw materials increased exorbitantly owing to gradual increase in policy rate by the central bank, consequently cost of doing business also increasing and inflation also jacked up.
Faiq urged the government and State Bank of Pakistan to cut interest rate to flourish industries, trade and businesses and improve the economy of the country.
He said no remedial measures have been proposed to spur industrialisation.
Instead, industries have been burdened with countless taxes and duties, the ATP chief added.
On the occasion, he stressed political stability for revival of the country’ ailing economy and business and industrial growth.
On the other hand, Shah said the government has once again increased electricity tariff by Rs5.62/unit, which will further increase financial difficulties of the already inflation-stricken people.
The party chief said purchasing power of the common man has completely died while consistent increase in prices of fuel, electricity and gas adversely affected them.
Recently, Mr Shah said nearly 250 per cent increase was also recorded in prices of medicines.
He added caretakers have adopted a policy of erasing poor people.
He said price-hike uncontrollable and people are unable to feed their families under the present situation.
The ATP chief also expressed grave concern over deteriorating law and order situation in Khyber Pakhtunkhwa, Balochistan and other parts of the country.
