Despite the downing trend of fuel prices in the international market, the incumbent government has increased petrol price by Rs6.72 per litre. The government on Monday increased the price of petrol by Rs6.72 per litre and reduced that of high-speed diesel (HSD) by Rs0.51 and kerosene oil by Rs1.67 per litre effective from August 16.
The recent increase has drawn the masses’ anger towards the government and seeing the situation, one of the major coalition partners of the PML-N-led government, the Pakistan People’s Party has also joined the party. Former president Asif Ali Zardari showing concern about the increasing fuel prices said in his statement he will meet PM Shehbaz Sharif and discuss the performance of the economic team.
He said they came into power to serve the already inflation-hit people and that should remain the priority of the coalition department. The masses were shocking to see the news of an increase in fuel prices as earlier it was reported via sources that OGRA has recommended slashing fuel prices as the international market was also coming down. But the government was thinking against it.
The recent hike in fuel prices will badly affect the masses as they are already facing crunch economic conditions in terms of inflation. As the HSD is mainly used in the agriculture and transport sectors, a reduction in its prices will have a direct inflationary impact on the life of the masses. The farmers are already facing high prices of electricity and the reduction in price of HSD might cause some relief in the cost of doing business.
The price of HSD is already at a high level. The fresh nominal reduction in its price may not have a major impact on the transport and agriculture sectors that are directly linked to the activities of farmers and the people.
Due to hike in the price of diesel, transport fares have already gone up, resulting in higher prices of commodities in the country.
Petrol is used in motorbikes and cars. Its alternative is compressed natural gas (CNG). The CNG retail outlets in Punjab have been operating on imported liquefied natural gas (LNG) and the cost of it has gone up manifold due to the Russia-Ukraine conflict.
The government should take vice decisions as their prices are increased as compared to the international market and when it comes to slashing the prices the theory is differnet. Slashing fuel prices as per the international market not only will benefit the masses but also help the incumbent government to improve their image.
