PESHAWAR
\nMuhammad 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.
\nThe ATP chief asked the caretaker government to review its decision and bring down fuel prices in line with the international market.
\nTalking to a delegation of business community, traders and industrialists here at the party\u2019s 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.
\nHe said the cost of business has been increasing owing to continuous jacking up fuel, electricity and gas prices.
\nHe said many industrial units have been shut down amid excessive power and gas outages, generating massive unemployment throughout the country.
\nCommenting 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.
\nHe 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.
\nFaiq 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.
\nHe said no remedial measures have been proposed to spur industrialisation.
\nInstead, industries have been burdened with countless taxes and duties, the ATP chief added.
\nOn the occasion, he stressed political stability for revival of the country\u2019 ailing economy and business and industrial growth.
\nOn 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.
\nThe 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.
\nRecently, Mr Shah said nearly 250 per cent increase was also recorded in prices of medicines.
\nHe added caretakers have adopted a policy of erasing poor people.
\nHe said price-hike uncontrollable and people are unable to feed their families under the present situation.
\nThe ATP chief also expressed grave concern over deteriorating law and order situation in Khyber Pakhtunkhwa, Balochistan and other parts of the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-384940","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-peshawar"},"yoast_head":"\n