28 C
Lahore
Monday, May 23, 2022
EditorialPetrol price bomb is ticking

Petrol price bomb is ticking

An OGRA’s summary for an increase in prices of petroleum products has been rejected by Prime Minister Shehbaz Sharif. The summery sought an increase of up to Rs82 per litre. The increase has been withheld for now, as maybe after Eid, the same summery will be on the prime minister’s table, so it is important to adopt a strategy on this issue that protects the people from the shocks of inflation and does not cause an unbearable burden on the government. The prime minister is aware of the fact that if the summery is implemented, a flood of inflation would be unleashed on the people. The previous government in its last days not only withheld the impending increase in the prices of petroleum products according to the world market but also reduced them by Rs10 per litre to get the new government in trouble. The catastrophic consequences of this strategy of the PTI government began to emerge in its time and in the month of March alone the oil companies were paid Rs32 billion to fill the gap. Obviously, the public treasury cannot afford to carry this burden for a long time. The prime minister’s plan to find a solution to this matter is a testament to the realization of the plight of the people who are suffering at the hands of rising inflation.

Prime Minister Shehbaz Sharif has yet to announce his cabinet. Without a team, he may not be able to meet the tasks. Extensive consultation should be arranged to formulate a new economic strategy for the country. Some of the country’s leading economists have in previous governments called for a complete ban on all imports, including luxury, to improve the balance of payments and control the deficit, without which life is impossible. The government should try some out-of-the-box solutions to address inflation, which stems from the higher prices of imported fuel and the power crisis. One solution to cut import bills of petroleum products is the use of solar systems in homes, offices, markets, and factories for which cheap loans from banks can be provided while hybrid and electric vehicles can be introduced on a large scale to reduce the cost of petrol. The government must come out of honeymoon mode, and start working on a war footing. The good thing is that the prime minister is talking about real problems of load-shedding, controlling inflation, and oil and gas prices and dollar value. This is a deviation from the practice of his predecessor, who, for years blamed his predecessors for every problem. If he keeps on working wisely and with determination, the situation will improve day by day.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe Today

GET EXCLUSIVE FULL ACCESS TO PREMIUM CONTENT

SUPPORT NONPROFIT JOURNALISM

EXPERT ANALYSIS OF AND EMERGING TRENDS IN CHILD WELFARE AND JUVENILE JUSTICE

TOPICAL VIDEO WEBINARS

Get unlimited access to our EXCLUSIVE Content and our archive of subscriber stories.

Top News

More articles