20000220

Govt urged

to bring down

furnace oil prices

RECORDER REPORT

KARACHI: S. Usman Ali, Chairman, North Karachi Association of Trade and Industry (NKATI), has urged the government to revise downward recently increased in cost of furnace oil to save business, industry and the populace from economic upheaval.

In a statement, he said the continuous price hike in furnace oil that had become un-affordable for the industry specially for exporters.

Deploring the recent increases, NKATI Chairman, said that the input cost of exportable products would increase creating a non-suitable place of our products in the international markets and it was becoming quite difficult to introduce our products to international business community.

Usman Ali said that the common man would also be hit by the increase of furnace oil prices. The such rapid increase would do nothing but damage the national entity in the eyes of foreign community and, for this reason, our products would not fetch required stability in price. If this ratio is not maintained, the industry and export portfolio are going to sustain irreparable losses and the industry would resultantly jeopardise.

The increases recorded in the prices of furnace oil during the last these months are amazing. This increase registered is more than 50 percent directly hitting the our indigenous produce.

The electricity tariff would consequently be increased which would surely burden the business community, trade, industry and common men, he said.