Keeping petroleum prices unchanged to boost public confidence, economist says


KARACHI: Keeping petroleum product prices unchanged instead of increasing them after the summary went Monday to the Prime Minister is a praiseworthy step that will relieve people, local economist and economics professor Muzzammil Aslam told ARY News.

Talking exclusively to ARY News, the economics professor said the step by the incumbent government to maintain the petroleum prices despite the summary to revisit and revise them upwards, will lessen the burden on the masses.

Inflation has been the case everywhere in the world including in the United States, he said, adding that the local government slashing the petroleum levy by over Rs16 is a bid to chip away at the commodity prices which are linked to the petroleum products by and large.

The government is charging Rs8 only on the prices of petrol, he said. If the prices of electricity, too, are kept in check and shifting the burden rising cost to the people directly is avoided, the exporters will benefit the most from this, Aslam noted.

READ MORE: No change in petrol prices as PM Imran rejects hike proposal

Earlier today, prices of petroleum products have been ordered to remain the same till 31st of May as Prime Minister Imran Khan turned down a proposal by the Oil and Gas Regulatory Authority for an increase in fuel prices.

Taking to social networking website, Twitter, State Minister for Information and Broadcasting Farrukh Habib said that the prices of petroleum products would remain unchanged for May.

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(This story has been published from ARY News feed, without modifications to the text)