KARACHI, May 1: The Korangi Association of Trade and Industry (KATI) has described the raise in petroleum products as a matter of serious concern for country's economy and demanded that the system of fortnightly review of petroleum prices be done away with.

In a statement, chairman of the advisory board of KATI, Shaikh Manzar Alam said that only 15 days back the petroleum prices were increased by Rs1.80 per litre and now again the prices had been raised by Rs1.55 per litre.

"Thus an increase to Rs40 per litre will cause great loss to economy as it will lead to an increase in the production cost and our products will become incompatible in the international market, while Pakistani exporters are already faced with serious challenges from other Asian countries," he said.

Mr Alam said that recent increase would have direct bearing on common man and prices of many items would go up. "The increase in transport fares alone will overburden the low and middle income people in particular."

He urged the government to immediately control the petroleum prices and ensure reversal of prices so that common man could take a sigh of relief.-APP