AFTER the latest increase in the price of petroleum products, the price of petrol has reached about Rs 160 a litre, highest in the history of the country.
The Federal Government jacked up the price of petrol by Rs 12.03 a litre, high speed diesel Rs 9.53 a litre, light speed diesel Rs 9.43 per litre and kerosene oil Rs 10.08/litre.
Giving justification for the massive increase, the Ministry of Finance has pointed out that the prices of petroleum products in the international market are showing a drastic increase and presently they are at the highest level since 2014.
True, but it is not the job of the Government to act just as a postman in simply passing on the entire burden on the common man without realizing the absorption capacity of the citizens.
People are already crying hard due to record inflation and the latest increase would cause further hardships for them especially for the fixed income groups, who have no option to increase their income.
The worst aspect of the entire episode is that relief is never passed on fully when prices of oil come down significantly in the international market citing resource constraints of the Government but every increase is passed on instantly.
People heaved a sigh of relief when Prime Minister Imran Khan decided not to increase the prices of oil last fortnight but that proved to be a temporary relief, which meant nothing for consumers.
Regrettably, the levy on petroleum has also been hiked by Rs 4/- a litre and there are also reports about impending increase in the electricity tariff, which would push inflation to new heights.
The fortnightly review of POL prices is playing havoc with the price stability and it should be replaced with bi-annual review.
