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Tuesday, February 7, 2023
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EditorialPetrol prices and inflation

Petrol prices and inflation

The effects of the government’s decision to lower fuel prices by Rs 10 per litre should not just benefit drivers and consumers of gasoline; they should also be reflected in the costs of everything from transportation costs to food and other goods of daily usage. The decision to lower the price of petroleum products is part of the efforts being made by the current administration, led by Prime Minister Shehbaz Sharif, to offer the greatest amount of assistance to the populace, according to a statement made by Federal Finance Minister Ishaq Dar. According to the set pricing through December 31, the cost of gasoline has decreased by Rs. 10, that of diesel by Rs. 7.5, and the cost of kerosene and light diesel by Rs. According to the new rates, a litre of petrol costs Rs214, a litre of light diesel costs Rs169, a litre of kerosene costs Rs171, and a litre of high-speed diesel costs Rs227. The move to lower petroleum product prices may be a sign that those who are struggling with inflation will have less to bear. By taking public transportation, the average man should profit from the drop in fuel prices. However, a decrease in the price of gasoline should also result in a decrease in the cost of food, fruits, and other goods. If the downward trend in petroleum product prices continues over the next few days, it is reasonable to anticipate that other commodities will follow suit.

However, in order to address the nation’s economic problems, the cash-strapped government must take unprecedented steps. The fact that the federal government has devised an energy-saving strategy for a sizable decrease in the import bill is good news in this regard. Prime Minister Shehbaz Sharif approved the plan created by Finance Minister Ishaq Dar, and shortly all chief ministers will be summoned to this meeting to implement the plan with the provinces. The proposal calls for a crackdown on electricity theft and the conversion of both private and public buildings to solar power. This work should be completed as soon as possible because converting a structure to solar energy should take only a few days, not months.

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