Published On: Sat, Oct 9th, 2021
Published in Category: Karachi

Oil-producing countries have pushed world into a serious crisis

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KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said oil-producing countries have pushed the world into a serious economic crisis to maximise their profits.

The global economic system and developing countries are under threat as inflation is skyrocketing and millions are getting poorer due to ever-increasing oil prices, he said.

Mian Zahid Hussain said that inflation will not be reduced in Pakistan but it will increase making life difficult for the majority.

Talking to the business community, the veteran business leader said that countries producing oil, gas, coal, grain and palm oil etc. have created a supply issue resulting in increased demand which is jacking up prices.

On the other hand, freight charges have been increased to the highest level which is fanning the crisis, he added.