Third slash: Fuel cut yet to benefit consumers across the board

Slight reductions in prices of vegetable seen during the past week.

ISLAMABAD:

In the wake of significant reduction in petroleum prices, including today’s almost-Rs10 drop, consumers have pinned hopes on a probable cut in prices of daily utilities.

“After so much reduction in petroleum prices in November, the cost of edible items as well as of other consumer products should compel companies and traders to reconsider prices of consumer products,” said Chaudhry Aslam, a trader at a local market told The Express Tribune on Sunday.



He hoped that prices will likely see a dive in December, which would bring relief to the general public. Aslam added that customers now demand for reduction in prices after the third consecutive slash in petroleum products, which might pressurise companies and traders to actually bring them down.

A market survey showed that prices of majority of vegetables, fruits, pulses and other edible items did not show any significant flux.

However, prices of potatoes and onions have slightly reduced during the last week with potato that was being traded at Rs50 per kilogramme in the Sunday markets of the capital now available at Rs45 per kg. The prices of onions too were changing hands at Rs25 but are now available at Rs23 per kilogramme.

Similarly, prices of other vegetables including tomatoes, garlic, ginger, radish, spring onion, green fenugreek, spinach, coriander, turnip, round gourd, peanut, carrot, fresh beans, cabbage, cucumber, capsicum remain unchanged.



Fruit prices have however seen a hike. Prices of pomegranate were increased slightly, while apple, grapes and guava remained unchanged from the previous week’s level. Dry fruits’ prices have also remained unmoved.

Moreover, only one ghee and oil packaging company reduced rates of its edible oil by Rs10 per litre which is now being traded at Rs190 from Rs210 per litre as compared to last week. The other ghee and oil packaging companies have not changed rates of their products despite repeated cuts in oil prices by the government.

In addition, a minor reduction of Rs5 to Rs10 per kg was recorded in different varieties of rice in local wholesale markets as well as retail markets during the past week. However, commodity traders largely believe that prices may come down significantly from this week.

Sugar prices remained also unchanged and the commodity is still retailed at Rs58 per kilogramme, contrary to this the prices of loose black tea moved up by Rs20 per kg owing to the widening gap of the rupee-dollar parity.

Published in The Express Tribune, December 1^st, 2014.