In our country, petroleum products are taken as a measure of inflation. Whenever the rates of petroleum products increases in the country the transport fares also increases while other commodities are also expensive overnight.
However, when the prices of petroleum products being reduced, the above things can’t lowered proportionately. It is heard that a reduction in the price of petrol by Rs 12 and diesel price by Rs 9.70 per liter is being considered.
According to a prominent daily the price of petrol is likely to decrease by Rs 12 per liter and the price of diesel by Rs 9.70 per litre.
In this regard the Oil and Gas Regulatory Authority will send a summary to the Ministry of Finance on May 15. This will be the second relief in a row in the current month. The new prices will be applied after the approval of Prime Minister Shehbaz Sharif from Thursday, May 16.
It should be clear that there has been a large reduction in the prices of crude oil in the global market, so government has decided to convert this reduction into the publics favor.
On the other hand the value of rupee is decreasing due to which the inflation is still maintained. According to the news published in the media, the value of the dollar has increased against the rupee in the country.
Agreeing to the State Bank of Pakistan the dollar increased by 8 paisa in the interbank market last day, after which the dollar closed at 278 rupees 20 paisa.
Last business day, the dollar closed at 278 rupees 12 paisa in the interbank market. On the other hand, the dollar has increased by 35 paisa in the open market, after which the dollar is 279 rupees 52 paisa. It can be estimated by looking at this situation.
It is said that despite the government’s initiatives and repeated declarations of reduction in the prices of petroleum products, the economic conditions of the country are changing. Especially in proportion to the reduction in the prices of petroleum products there is a need to decide on a plan to reduce the prices of food items and other daily use items in order to improve the condition of the people.
Until the relief of the government measures will not be delivered to the people until that time these measures will not be of any use. It should be remembered that the International Monetary Fund (IMF) has also objected to the point that the government’s performance in terms of reforms is not good, but a lot of work is needed for it.
This objection is no less than a warning from the International Financial Institution, on which all relevant machinery including the Federal Minister of Finance need to think about what kind of reforms can be brought in the country.
They have become angry due to the new taxes and non-existence of facilities. Every time a political government comes, the problems of the people increase. As during the election campaign promises are made to them to provide free electricity, to create billions of jobs and to bring big changes within 100 days but when these political parties actually come to power, then they have no program by implementing it their problems can be reduced.
Consequently there is a need that not only to reduce the prices of petroleum products and electricity, as was done in Kashmir but as a result a formal program should be created to reduce the prices of other commodities under which, this can be done in a automatic way.
If the current federal government that has come into existence as a result of the mutual alliance of various parties, fails once again to fulfill the promises made to the people then in the upcoming general elections they will be defeated. There is a possibility of extinction because these parties have ruled for three consecutive years and they know the problems of the country very well.
One should not reach out to another IMF, program because it will be a losing business due to the lack of an alternative program.
