Of Oil, Gas Prices!

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WITHIN almost less than a week – people in Pakistan have got two fresh jolts – first increase in prices of Petrol, Diesel and Kerosene oil – and now a startling raise in prices of natural gas.As announced by Federal Minister for Petroleum and Natural Resources Shah Mehmood Qureshi – an overall increase of 31 percent in natural gas prices has been inflicted and put effective from July-1. Though, the minister says that the government has evolved a mechanism under which 91 percent domestic consumers would not be affected by the increase – yet as per past experiences – it might not happen the way – the minister envisions.If envisaged by a realistic approach – the increase in gas prices – which follows enhancement in petroleum rates – is bound to eventually make the life of the poor – still more miserable. One feels astonished that the democratic government, voted to power by the masses with the ray of hope for their comfort – besides other problems like the scarcity of items for human survival – has opted for hike in the prices of gas and POL products – which is being phrased as; yet another bombshell for the inflation-ridden masses.With the revision of rates, the prices of Petrol, HOBC, Kerosene oil and light Diesel have been increased by Rs. 6.88, Rs. 8.08, Rs. 8.29 and Rs. 4.46 respectively. True that the government was left with no option but to pass on the load of rising oil prices in the international market – where per barrel price of oil has crossed $144 and there are no indications when and where these would finally end. Yet, it is also a fact that the swelling prices of oil would pose catastrophic impact both on the ordinary citizens as well as the economy. No one, such as industrialists, businessmen or any service provider would absorb the raise and instead would not only pass on the actual burden onto the masses – but would also exploit such a taxing opportunity to multiply own margins.Since, every thing roams around the wheel – people have always seen that producers as well as transporters quickly increased prices of their products and fares to an excessive extent to accumulate optimal benefit.Obviously, such a scenario makes life of the poor still more wretched. Paradoxically, subsidies on oil, power and wheat also stand withdrawn – which would prove to be one of the key factors behind mounting inflation. Virtually, the rapidity with which the prices of gas and petroleum products are and have been raised is not less than contempt of the price stability concept. The government’s approach towards the situation is simply astonishing.It must remember that it cannot absolve itself of responsibility to regulate prices of essential commodities including gas and petrol by setting up a committee and leave the people to its self-liked decisions.It’s a disgusting state of affairs that needs to be obviated because the people genuinely deserve relief on the price index count – one way or the other. While feeling optimistic that Prime Minister Syed Yousuf Raza Gilani shall take a serious note of continuous trend of price hike – we believe that the consumer bodies shall also take up the issue with the government energetically to put a swift stop to such a perpetual craving – at least for the ultimate good of the people – who foresee that their dilemmas are ought to get evaporated with the advent of a fascinating dawn.



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