Pakistan

PM seeks positive impact of slashed fuel rates to reach common man

Kakar in a meeting directs relevant authorities to strictly deal with hoarders and profiteers

APP October 23, 2023

PM Anwaarul Haq Kakar: FILE: PHOTO

ISLAMABAD:

In the wake of a substantial decrease of petroleum product prices, Caretaker Prime Minister Anwaarul Haq on Monday issued directions to relevant authorities to expedite measures ensuring that the benefits of slashed fuel rates reach the common man swiftly.

Chairing a review meeting that centered on the impact of oil price reductions on consumer goods rates, the prime minister called for immediate action to ensure that the 12.38 per cent reduction in petrol prices and a 4.7 per cent drop in diesel prices are promptly passed on to the public.

نگران وزیرِ اعظم انوار الحق کاکڑ کی زیرِ صدارت پیٹرلیم مصنوعات کی قیمتوں میں کمی کے اثرات عام آدمی تک پہنچانے اور اشیاءِ خورونوش و ضروریہ کی قیمتوں میں کمی یقینی بنانے کے حوالے سے جائزہ اجلاس آج اسلام آباد میں منعقد ہوا.

اجلاس کو پیٹرولیم مصنوعات کی قیمتوں میں حالیہ کمی اور… pic.twitter.com/EBr61NOHym
— Prime Minister's Office (@PakPMO) October 23, 2023

He emphasised that a substantial sum of approximately Rs41 billion had been saved due to the stabilisation of the dollar exchange rate and the concurrent decline in petroleum prices.

These savings, he noted, must be translated into tangible relief for the general public.

The meeting also delved into recent cuts in oil prices and the outcomes of operations targeting power theft and smuggling.

The meeting was informed that the drop in petroleum prices had contributed to a 1.7 per cent reduction in inflation, marking the most significant decline observed over the past year.

Prime Minister Kakar commended the administration for their proactive steps in reducing oil prices and stabilising the dollar exchange rate, all while effectively curbing smuggling and ensuring these benefits were transferred to the common man.

He directed the relevant authorities to deal strictly with hoarders and profiteers and asserted that the operations against power theft and smuggling had been beneficial to consumers.

The prime minister gave approval of an 18 per cent reduction in wheat prices and a 16 per cent decrease in sugar prices in Balochistan, attributing these positive changes to effective administrative measures.

He also highlighted the fact that these measures had led to reductions in the prices of 24 different commodities nationwide.

Furthermore, it was revealed that efforts were underway to ensure substantial price reductions in agricultural products, electricity, transportation fares, and industrial production.

Moreover, the Planning Ministry was reported to be employing a specialised software application known as the "Decision Support System for Inflation," designed by the National Bureau of Statistics, to monitor the prices of essential food items.

Chief Ministers of Sindh, Khyber-Pakhtunkhwa, Punjab, and the chief secretary of Balochistan provided detailed briefings on the steps taken by their respective administrations.

The meeting highlighted that due to measures undertaken by provincial governments, transportation fares had been reduced by 10 per cent, and an ongoing operation was targeting hoarders and profiteers.

Additionally, regional administrations were ensuring that commodity prices adjusted in accordance with the drop in oil prices.

The meeting concluded with provincial administrations presenting data on the reduction ratios of prices and inflation, along with detailed information on the decline in prices of essential food items, including dry rations, commodities, wheat flour, sugar, ghee, oil, fruits, vegetables, and meat.

It was noted that district magistrates at the local level across all provinces were actively engaged in efforts to pass on the benefits of reduced oil prices to the general public.

The meeting was attended by interim federal ministers Murtaza Solangi, Gohar Ejaz, Kausar Abdullah Malik, Sami Saeed, Muhammad Ali, and relevant senior officials.

Interim Chief Ministers Mohsin Naqvi, Justice (retd) Maqbool Baqir, and Azam Khan, provincial chief secretaries, and relevant senior officers participated in the meeting via video link.