Oil price hike to result in price hike, says Mian Zahid Hussain

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Karachi Jauanry 4 (Online): President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance Mian Zahid Hussain on Monday said inflation has become a big political and economic issues.
It has compromised the standard of living of masses, as all efforts to tame prices have met with failure, he said.
Mian Zahid Hussain said that the meetings of price control committee and directions to the departments and provinces to arrest inflation have become counterproductive which are not taken seriously by masses.
Talking to the business community, the veteran business leader said that price control mechanism is not working otherwise; it would have provided some relief to the masses reeling under double-digit inflation.
The price of eggs in this winter has seen a severity percent hike over the corresponding period while the masses are forced to consume costly and substandard flour despite spending billions on wheat import.
Similarly, the price of sugar has not dropped to the expected level in spite of imports and the beginning of the crushing season.
He said that the uncontrolled food mafia continue to add to the miseries of the masses for unjustified profits while the government should pay attention to the agriculture sector to avoid imports to save precious foreign exchange.
Despite massive food imports the situation has not deteriorated as the remittances have increased substantially while FBR has also shown good results as far as the revenue collection is concerned.
He said that hike in the price of petroleum products has increased cost of transportation which will increase food inflation and the prices of other items will also jump.

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