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WITH its swelling arrogance—the Oil Companies Advisory
Committee has—once again—come out with a new jolt n' jerk for
the dwellers of this realm, announcing a hefty increase in
prices of petroleum products.
As the decision of the Committee notified—this week-end, the
prices have gone up auxiliary by 2 to 3.1% compounding worries
of the masses already groaning under latest price spiral of
the daily commodities.
Oil prices are going up frequently for the last few months.
The way the Advisory Committee is making such awful
pronouncements evidently depict that it has turned into a
cartel that promotes its vested interests at the cost of the
feeble set of common man.
Though there is a formula for adjustment in prices of the
petroleum products every fortnight, yet it lacks transparency
and there is raison d'être to assume that the general public
is denied of the due relief whenever prices of oil go down in
the international market.
On the contrary, it is groused the prices for domestic
consumers are increased asymmetrical n’ lop-sided to the hike
in prices in the global market.
Similarly, there is hardly any justification to pass on the
burden to the common man when the raise in price index of
petroleum product is accompanied by upward swing in the value
of rupee vis-à-vis dollar.
It is also to be mentioned that the Government is availing
Saudi Oil Facility up to Rs 40 billion a year for the last
several years but—paradoxically—benefits of the facility has
not reached to the people—so far.
Under these circumstances, one can barely swallow recurrent
decisions to push the prices up.
We, therefore, strongly feel that the decision of the
Committee should be subject to confirmation by the Oil and Gas
Regulatory Authority [OGRA], which should conduct open
hearings to give an opportunity to other stakeholders to
present their point of view.
The decision to review oil prices every fortnight—it is
squabbled—is in line with the Government’s policy of
deregulation and principles of free market economy but
experience has proved that it is not prudent for fragile
economies—like ours as it causes enormous cataclysm.
It is quite explicable that every upward revision is followed
by a hefty enhance in electricity and gas tariff and
resultantly hike in fares, transportation charges and prices
of all industrial goods.
The latest verdict is predominantly callous in view of the
fact that the masses have had tremendously bitter experience
during Ramazan and Eid when mutton prices soared to the
vicinity of Rs 200 a kg, beef Rs 120, chicken—which was until
that time available at Rs 45—to Rs 80 and tomato from an
alarming cost of Rs 70 to Rs 125 a kilogram.
Likewise, onion prices at Rs 10 a kilo—in New Delhi—has become
a hot election issue in India but there is no anxiety for
Pakistani punter who is being robbed in broad daylight.
Would any-one of those—sitting at the helm of the
affairs—would ever take an instantaneous n’ serious note of
the upsetting situation, with a clear-cut order to the
Committee—virtually a cluster of vested interests—to eschew
such a merciless practice by shrinking the prices of oil n’
its related items—at-once?
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