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PM calls for accelerating steps to pass benefits of reduced POL prices to people


Caretaker Prime Minister Anwaar-ul-Haq Kakar chairs a briefing on the decline in prices of essential items as a result of a reduction in prices of petroleum products in Islamabad on October 23, 2023. — PID

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Monday instructed authorities concerned to speed up steps for trickling down the impact of reduced prices of petroleum products to the people.

In a massive relief, the government in mid-October slashed the prices of petrol by Rs40 per litre and high-speed diesel (HSD) by Rs15 for the next fortnight.

Chairing a review meeting to discuss the impact of oil price reduction on commodities’ rates, the premier instructed that the effect of the reduction of petrol price by 12.38% and diesel by 4.7% should be trickled down to the common man at the earliest.

He said Rs41 billion have been saved due to the stability in dollar rate and reduction in petroleum prices and the relief would be extended to the common man.

The meeting was apprised of the recent oil price reduction and outcomes of operations against power theft and smuggling. It was also informed that due to the reduced petroleum prices, inflation has come down by 1.7% which was the highest during the last one year.

The prime minister appreciated the administration for taking steps to reduce oil prices and dollar rates, curb smuggling and transmit their impacts to the common man.

He instructed the relevant authorities to strictly deal with the hoarders and profiteers and viewed that the operation against power theft and smuggling had benefited the consumers.

The PM said that an 18% reduction in wheat price and sugar by 16% in Balochistan was welcoming. He said due to the administrative measures, the prices of 24 commodities had been reduced countrywide.

The meeting was told that a remarkable reduction in the prices of agricultural production, electricity, transport fares and industrial production was being ensured.

The planning ministry was utilising a software application “Decision Support System for Inflation” designed by the National Bureau of Statistics to monitor the prices of eatables. The chief ministers of Sindh, Khyber Pakhtunkhwa and Punjab, and Balochistan chief secretary gave a briefing on the steps taken by them on the subject matter.

It was told that due to the administrative measures taken by the provincial governments, the transport fares had been reduced by 10%.

The meeting was told that an operation was going on against hoarders and profiteers. It was told that respective administrations were ensuring the reduction of commodities’ prices in accordance with the decrease in oil prices. 



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