Rejecting the sharp increase in petroleum prices of Rs35 per litre, the Pakistan Businesses Forum (PBF) has said that it will further ruin the life of masses and industry. The nation is already witnessing a tsunami of inflation “unfortunately policy makers have pushed the economy into a ravine”.
In a statement on Sunday, Vice President PBF, Jahanara Wattoo said total mismanagement of our economy by a incumbent government and they further crushed masses and salaried class with latest hike in petrol & diesel prices. Now Electricity and gas prices may also hike in few days and around 35 percent unprecedented inflation expected with Rs 300bn mini budget forecast after the unprecedented and artificial rupee devaluation to Rs262.6 against one dollar.
She said now all imported goods will become more expensive by an additional 10%, due to the more than 10% drop in the value of the rupee against the greenback. These goods will include food (wheat and wheat-flour, pulse and cooking oil), cotton for textile, steel scrape and energy products (oil, gas and coal).
Wattoo said the rising price of essential commodities will severely hit the common man the most, particularly those from the lower-income segments of society who were already struggling due to the ongoing financial turmoil and political upheaval.—INP
