KARACHI:
The government has raised the prices of petroleum products yet again – of petrol by Rs10.49 per litre and of high-speed diesel by Rs12.44 per litre. The continuous hike in petrol prices is contributing to higher inflation levels, which has made life miserable for many.
Oil moves the entire country, which is why no sector will remain unaffected by the drastic increase. Industrial costs are expected to increase, which will raise the prices of many products. There will also be an increase in transportation costs, which will contribute to a rise in prices of basic food items such as milk, fruits and vegetables. In addition, travel fares will rise, making it difficult for low and middle-income earners to use public transport. Many people will be forced to stop using public transport altogether and those who have access to personal transportation will also be compelled to limit the use of their vehicles.
The ordinary man cannot afford the continuous hike in petrol and other commodities which will push many towards starvation and abject poverty. Also, the increase in the cost of industrial production will have a trickle-down effect. The government should resort to other means to reduce oil imports and consider expanding oil production within the country. The government must curb price escalation through timely measures otherwise it will bring significant challenges for the economy.
Khushal Khan
Peshawar
Published in The Express Tribune, October 17th, 2021.
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