Business community reject unprecedented oil price hike.

Islamabad -- Former President ICCI Shahid Rasheed Butt on Saturday said the business community has rejected a sudden and record increase in fuel prices days before the end of the month.

The announcement of the hike came unexpectedly as the prices revised last month was to remain in effect until June 30, he said. He said that the business community also rejects the clarification given for up to 25 percent hike in the price of petroleum products which will result in another wave of inflation amid increasing prices of essentials.

Shahid Rasheed Butt said that the hike of 27 to 66 percent in the price of fuel will help oil companies earn billions at the cost of masses reeling under economic depression and corona onslaught.

The move which has shocked the entire nation has again highlighted the influence of different business groups in the corridors of power, he added.

The business leader said that the petrol price hike has sent a clear message that no meaningful action would be taken against any mafia and that all the tall claims against...