CCP urged to take measures for curbing hike in inflation

KARACHI: The traders have urged the Competition Commission of Pakistan (CCP) to take remedial measures for curbing rise in the inflation, a statement said on Friday.

Unisame president Zulfikar Thaver said that monopolies, profiteering, hoarding and black marketing are the main reasons for the rise in inflation and such malpractices are gaining strength due to the lack of monitoring.

Thaver urged the commission to exercise its powers and verify the costing of the automobile, sugar, cement, engineering, chemicals and pharmaceutical industries and reduce their profits and prices, accordingly.

The Unisame Council members said likewise the bank’s spread, and the leasing and insurance companies need to be questioned and asked to be reasonable.

The middlemen in the farm sector are also devouring big margins and the difference in the farm and the market rates indicates profiteering, he said.

Regarding the automobile sector, the Unisame president said that the hoarding and the artificial shortages and black marketing are not addressed, resultantly vehicles are being sold at 0.5 million to 0.7 million over the control price.

It is indeed shameful that the government has reduced the duties and taxes on automobiles but the manufacturers have not reduced their profits and, on top of it, creating shortages.

The Unisame urged the Competition Commission of Pakistan to implement its agenda and not spare the industries monopolising and making cartels, giving rise to inflation.

The imported medicines are also being sold at exorbitant prices. Industries related to the food sector also need to be checked precisely and their profit ratios need to be revised, he said, adding that the government functionaries should give top priority to the resolution of the problems being faced by the common man.

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