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Wednesday, May 22, 2024

Decline in global POL prices: what is the government waiting for?

Crude oil prices continued to decline in international markets, with Brent crude oil down 78 cents to $97.26 per barrel and WTI crude oil down 82 cents to $91.27.

Continuous increase in petroleum, oil and lubricants (POL) prices have aggravated the economic problems faced by Pakistan. Increase in global prices and stringent conditions imposed by the global lender, International Monetary Fund (IMF) are the two factors being blamed by the government for the skyrocketing prices. However, crude oil prices have continued to decline in global markets, but no summary of the decline in POL prices has been released by the Ministry of Petroleum in Pakistan.

Read more: POL prices going down!

Crude oil prices continued to decline in international markets, with Brent crude oil down 78 cents to $97.26 per barrel and WTI crude oil down 82 cents to $91.27.

Yesterday, Finance Minister Miftah Ismail, while giving an interview to private tv channel, said that after the drop in oil prices in the global market, no tax will be imposed on petroleum products and no levy will be increased.

He had clearly said that the government cannot afford to subsidize petroleum products and cannot bear the loss.

All eyes are on the government to announce the decrease in POL prices as a consequence of decline in global prices. No doubt, harsh consequences of rapid increase in POL prices in last few months have been faced by the public as well as the business community. Inflation reached record high levels and businesses announced closures due to serious problems led by the abrupt economic changes.

It was likely that the prices of petroleum products would go down by Rs.15 per litre as crude oil prices have fallen in the global market. The development was expected to bring some relief to the people. However, no signs of any relief to the people have been witnessed so far and suffering is continued.