It has been decided to maintain the prices of petroleum products in Pakistan despite the reduction of three to four percent in the prices of petroleum products in the global market. On the other hand, electricity rates have been reduced by Rs 4.25 for October. According to the Ministry of Finance, petroleum prices will remain unchanged till the end of October.
It should be noted that currently in Pakistan petrol is being sold at Rs 224.80, diesel at Rs. 235.30, light diesel at Rs 186.5 and kerosene at Rs 191.83 per litter. According to the summary sent by Federal Finance Minister Ishaq Dar and OGRA, a slight reduction in the price of petrol while increasing the prices of other products was suggested, on which the Prime Minister was consulted, but he disagreed with it. Decided to maintain the prices of petroleum products. While electricity rates have been reduced by Rs 4.25 per unit due to fuel adjustment for October, the quarterly adjustment will continue for September.
However, the authority stated in its decision on October 14, 2022, for the fourth quarter of the financial year 2021-22 that the same rates will be charged to the consumers during the next four months. The reduction in electricity prices has been welcomed by the public, but there has been a strong reaction to the fact that the benefits of the reduction in oil prices in the global market have not been passed on to the people because this is likely to intensify the ongoing wave of inflation, which the government seems to have failed to deal with.
It should be remembered that Prime Minister Shehbaz Sharif assured that the fruits of this reduction will be transferred to the people of Pakistan when the oil prices came down in the global market, but this promise is not being fulfilled.
FARYAL ZAHEER,
Karach.