Government has failed to end the ongoing fuel anxiety – more pain is yet to come. And, it seems that the government has sealed the deal to come up with a fresh hike of Rs. 10 in petrol prices from July 1. If it happens, petrol will cost Rs. 249.89.
It is pertinent to mention that Minister for Finance Miftah Ismail has reiterated that they have to take more tough decisions in the near coming days. Things are yet to begin, be brave!
Current fuel Prices
petrol now costs Rs. 233.89
Diesel’s new rate is Rs. 263.31
The fresh rate of Kerosene Oil is Rs. 211.43
Price of Light Diesel Oil is Rs. 207.47
IMF Episode – to end control on petrol prices
The episode of back-to-back increases in fuel prices started from the day the cash-strapped government sought the revival of the country’s bailout program from the International Monetary Fund (IMF). Therefore, the financial institution expects something fresh from the government – asked to end its control over petrol prices.
As per media details, the body has set four tough conditions including Rs. 50 Petrol Levy and ending the government’s role in deciding the fuel rates in the market.
The conditions came after the government decided to seek the National Assembly’s approval to amend Petroleum Products (Petroleum Levy) 1961. Once the government accepts this demand, petrol companies will be free to decide the prices as per market trend. Meaning, zero interference from the government.
Impact ?
Once the companies get the authority to decide the fuel prices, matter would lead to a new monopoly in the market. As companies set their own prices of Hi-Octane and that is why the Hi-Octane rates by different companies are different. Still, the story is immature; coming days will reveal the situation clearly.
What do you think about the expected hike? How do you foresee if the episode continues? What would be the consequences of these actions? Please share your thoughts in the comments section.
Again a simple mistake, what is the problem with these blog writers and editors can’t they proof read their own article before publishing. In what world adding 10 rupees in existing price of 233.89 rupees will result in 249.89 rupees.