AIRLINK 183.70 Decreased By ▼ -0.16 (-0.09%)
BOP 11.87 Increased By ▲ 0.05 (0.42%)
CNERGY 7.47 Decreased By ▼ -0.05 (-0.66%)
FCCL 47.35 Increased By ▲ 0.97 (2.09%)
FFL 16.14 Decreased By ▼ -0.01 (-0.06%)
FLYNG 27.90 Increased By ▲ 0.12 (0.43%)
HUBC 136.75 Increased By ▲ 1.66 (1.23%)
HUMNL 13.07 Increased By ▲ 0.01 (0.08%)
KEL 4.65 Increased By ▲ 0.03 (0.65%)
KOSM 6.33 Increased By ▲ 0.13 (2.1%)
MLCF 59.40 Increased By ▲ 0.23 (0.39%)
OGDC 223.39 Increased By ▲ 0.33 (0.15%)
PACE 5.81 Increased By ▲ 0.02 (0.35%)
PAEL 45.10 Increased By ▲ 0.15 (0.33%)
PIAHCLA 18.12 Increased By ▲ 0.46 (2.6%)
PIBTL 10.82 Increased By ▲ 0.16 (1.5%)
POWER 11.75 Increased By ▲ 0.02 (0.17%)
PPL 187.75 Increased By ▲ 0.70 (0.37%)
PRL 36.30 Increased By ▲ 0.03 (0.08%)
PTC 24.62 Decreased By ▼ -0.15 (-0.61%)
SEARL 101.90 Increased By ▲ 0.95 (0.94%)
SILK 1.15 Decreased By ▼ -0.02 (-1.71%)
SSGC 36.80 Decreased By ▼ -0.16 (-0.43%)
SYM 15.90 Increased By ▲ 0.21 (1.34%)
TELE 7.95 Increased By ▲ 0.07 (0.89%)
TPLP 11.09 Increased By ▲ 0.26 (2.4%)
TRG 70.46 Increased By ▲ 3.84 (5.76%)
WAVESAPP 10.90 Increased By ▲ 0.08 (0.74%)
WTL 1.32 Decreased By ▼ -0.01 (-0.75%)
YOUW 3.79 Decreased By ▼ -0.02 (-0.52%)
AIRLINK 183.70 Decreased By ▼ -0.16 (-0.09%)
BOP 11.87 Increased By ▲ 0.05 (0.42%)
CNERGY 7.47 Decreased By ▼ -0.05 (-0.66%)
FCCL 47.35 Increased By ▲ 0.97 (2.09%)
FFL 16.14 Decreased By ▼ -0.01 (-0.06%)
FLYNG 27.90 Increased By ▲ 0.12 (0.43%)
HUBC 136.75 Increased By ▲ 1.66 (1.23%)
HUMNL 13.07 Increased By ▲ 0.01 (0.08%)
KEL 4.65 Increased By ▲ 0.03 (0.65%)
KOSM 6.33 Increased By ▲ 0.13 (2.1%)
MLCF 59.40 Increased By ▲ 0.23 (0.39%)
OGDC 223.39 Increased By ▲ 0.33 (0.15%)
PACE 5.81 Increased By ▲ 0.02 (0.35%)
PAEL 45.10 Increased By ▲ 0.15 (0.33%)
PIAHCLA 18.12 Increased By ▲ 0.46 (2.6%)
PIBTL 10.82 Increased By ▲ 0.16 (1.5%)
POWER 11.75 Increased By ▲ 0.02 (0.17%)
PPL 187.75 Increased By ▲ 0.70 (0.37%)
PRL 36.30 Increased By ▲ 0.03 (0.08%)
PTC 24.62 Decreased By ▼ -0.15 (-0.61%)
SEARL 101.90 Increased By ▲ 0.95 (0.94%)
SILK 1.15 Decreased By ▼ -0.02 (-1.71%)
SSGC 36.80 Decreased By ▼ -0.16 (-0.43%)
SYM 15.90 Increased By ▲ 0.21 (1.34%)
TELE 7.95 Increased By ▲ 0.07 (0.89%)
TPLP 11.09 Increased By ▲ 0.26 (2.4%)
TRG 70.46 Increased By ▲ 3.84 (5.76%)
WAVESAPP 10.90 Increased By ▲ 0.08 (0.74%)
WTL 1.32 Decreased By ▼ -0.01 (-0.75%)
YOUW 3.79 Decreased By ▼ -0.02 (-0.52%)
BR100 12,513 Increased By 54.9 (0.44%)
BR30 38,607 Increased By 300.5 (0.78%)
KSE100 117,454 Increased By 452.5 (0.39%)
KSE30 36,288 Increased By 153.3 (0.42%)

The government has raised prices of petrol and diesel by Rs20 to Rs 272.95 and Rs 273.40 per litre, respectively. According to finance minister Ishaq Dar, the prices of both petrol and diesel in the international market have increased over the last 15 days, necessitating an increase in domestic prices.

Fair enough. What is, however, worrisome is the closure of almost all filling stations in Karachi in anticipation of a significant rise in the prices of fuel yesterday morning.

All of them were protecting their inventories with a view to earning windfall profits on account of likely increase in prices of both petrol and HSD. Motorists at various filling stations were seen even offering higher prices to get fuel but without any success.

It appeared as if the owners of petrol stations were quite confident about a big rise in the prices of these items. In his televised address yesterday, the finance minister said, among other things, that “the delay in the announcement, the basic reason was that we were looking at if there were ways to reduce it, if there was some leeway.” What leeway? Apparently, the owners of petrol stations were tipped off by some insiders that the government was increasing the rates of petrol and HSD.

Hence the need for holding onto stocks or inventories. In other words, general public was made to suffer for several hours much before the formal announcement of increase in fuel prices by the government.

How ironic it is that the government always succumbs to the pressure of oil marketing companies or owners of petrol stations after they raise a hue and cry over the purported devalue of their stocks every time the government decides to decrease the prices of fuel.

It has often been seen that the government quickly retreats ignominiously in order to ensure that the owners of petrol stations stay in good humour.

Karim Bux Rathore (Karachi)

Copyright Business Recorder, 2023

Comments

Comments are closed.