ON the eve of Eid-ul-Azha, the government dropped another bombshell on the masses by increasing the price of the petroleum products. According to the notification issued by the Oil and Gas Regulatory Authority on Friday, the rate of petrol has been jacked up by Rs Rs.3.86 per litre, raising it to Rs.103.97 from Rs.100.10 per litre. Similarly, the government increased the price of high speed diesel by Rs.5 per litre after which it will be available for Rs.106.46 from the existing Rs.101.46 per litre.
In our view there was no justification whatsoever for further raising price of petroleum products when they are hovering around $ 43 dollars per barrel in the international market. The very decision will further increase the transportation cost of products and ultimately it will push up the inflation rate. Already the purchasing power of the consumers has affected severely due to the price hike of different items especially the wheat flour and the sugar. All this has badly affected the popularity of PTI in masses and the latest decision regarding the petroleum price has only further angered the masses. We, therefore, will suggest the government to review its decision regarding the petroleum price and bring it down even if it has to cut the GST and the Petroleum Development Levy (PSL). Doing so will help keep the prices of essential commodities under check and benefit the lower and middle class the most who commute on small vehicles or motorbikes. Then as promised by the government, the availability of Euro-V petroleum products must be ensured in the country after removing all the obstacles including the concerns of the oil industry. The oil refineries must also be pushed for upgradation of their production capabilities as per the modern standards. Since a Commission has also been constituted to probe into fuel shortages that rocked the country in June, the delinquent elements must be exposed at the earliest and given punishment as per the law so that no such situation arises again.
