Karachi Traders’ Alliance Rejected Oil Price Hike

Karachi, Pakistan News: Karachi Traders’ Alliance rejected oil price hike notification, while the public also reacted strongly against the move and called for immediate reversal of the decision.
Earlier, Oil and Gas Regulatory Authority has issued notification for increase of POL prices. After the increase of Rs 6.10 the new Petrol price is Rs 71.21 per liter while Light Diesel after a hike of Rs 2.97 stands at Rs 61.07 per liter. Kerosene Oil stands at Rs64.06 per liter after an increase of Rs3.32; High Speed diesel rose by Rs 3.33 and is being sold at Rs 71.89 per liter and HOBC increased by Rs 7.31 stands at Rs 89.33 per liter.

Dr Salman urges public to slash expenditure
Economist Dr Salman Shah, while talking to Dunya News, enlisted the reasons behind POL price hike, said that the Finance Ministry’s was facing loss in terms of revenue generation, adding that country’s economy is at stake besides Friends of Pakistan aid has not reached in the country so far.
He observed that decline in oil prices in international markets was the biggest reason behind the price hike locally to address the loss. He urged the public to cut its expenditures on self-help basis.