MUCH to the disappointment of the masses, the spectre of rising prices continues to haunt Pakistan, with annual short-term inflation persistently exceeding 40 percent for the second consecutive week. The latest data from the Pakistan Bureau of Statistics (PBS) reveals a disconcerting inflation reading of 41.13 percent for the week ending November 23. This alarming trend is primarily propelled by a staggering surge in gas prices, which have soared over 1,100 percent higher than a year ago.
The inflationary surge, fuelled predominantly by the exorbitant rise in gas prices, underscores a harsh reality – the cost of living is spiralling out of control and the burden on the common man is becoming increasingly unbearable. After grappling with soaring power prices, the masses are now confronted with the escalating cost of gas, pushing this essential commodity beyond the reach of the average citizen. Addressing the energy sector problems is imperative to alleviate the economic woes. Foremost among the necessary measures is a strategic focus on enhancing the exploration and indigenous use of energy resources. By prioritizing the development of domestic energy sources, we can usher in an era of cheap and sustainable electricity and gas, providing relief to both domestic and commercial users. Investing in the exploration of indigenous energy resources holds the key to not only curbing the inflationary pressures but also fostering economic competitiveness. Cheaper electricity and gas would significantly reduce the production costs for industries, leading to a trickle-down effect that would bring down the prices of essential commodities. This, in turn, would ease the financial burden on households and enhance the purchasing power of the common man. Furthermore, the positive impact of prioritizing indigenous energy sources extends beyond the domestic sphere. It will position us as a competitive player in the global market, as cheaper production costs translate into more competitive pricing for our products. This competitive edge can potentially boost exports, fostering economic growth and stability. Hence, a concerted effort towards energy sector reforms can be the beacon of hope needed to steer Pakistan towards a brighter and more sustainable future.
