LAHORE - Amid widespread public outrage over the recent hike in petroleum prices, Federal Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervaiz Malik rushed to Lahore on Sunday to brief Punjab Chief Minister Maryam Nawaz Sharif on the evolving economic situation and its impact on fuel supply and prices in the country.
The meeting took place against the backdrop of reports that PML-N President Mian Nawaz Sharif and the Punjab chief minister had earlier expressed reservations over the recent hike in petrol prices, fearing a strong political backlash at a time when inflation was already putting pressure on households.
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According to sources, the federal team travelled to Lahore specifically to brief the chief minister on the international factors behind the decision and the government’s strategy to maintain stability in the petroleum market during ongoing global uncertainty linked to regional conflicts.
During the meeting, the chief minister was briefed in detail on the supply, demand and available reserves of petroleum products in Punjab. The federal ministers explained the rationale behind the recent adjustment in prices and discussed measures aimed at maintaining a balance between demand and supply during the prevailing global crisis.
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Also, the federal ministers later left for Karachi where they briefed Sindh Chief Minister Murad Ali Shah on the evolving energy situation and the recent hike in petroleum prices as part of consultations with provincial leadership on the issue.
The recent unprecedented price hike in petroleum products has triggered sharp criticism from the public with many questioning the logic behind raising prices for fuel that had already been imported at lower rates. Critics argue that the government increased prices even though the existing petrol stocks in the country were purchased before the latest surge in international oil prices. Many citizens say it would have been more reasonable to revise prices once new consignments bought at higher rates had actually arrived in the country.
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Another major grievance voiced by the public is that the entire burden of the price hike has once again been passed on to ordinary consumers. Critics say that while people are being asked to bear the impact of higher fuel costs, the perks and privileges enjoyed by the political elite and the bureaucracy remain largely untouched.
Additionally, the increase has also had an immediate ripple effect on transportation costs. Transporters in several cities have raised fares, in many cases by amounts exceeding the proportion of the petrol price increase, further aggravating the financial strain on commuters.
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According to an official handout, Maryam Nawaz Sharif stressed the need to ensure uninterrupted availability of diesel for agricultural use across Punjab, particularly during the ongoing farming season.
Agriculture experts, however, warned that the recent increase in fuel prices had already pushed up the cost of key farm inputs, including diesel used for tube wells, tractors and transportation. They said the higher fuel costs were likely to reduce farmers’ profit margins on several crops unless compensatory measures or stable fuel supplies were ensured.
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Officials briefed the meeting on the existing stocks of petrol, diesel, LNG and other petroleum products. In view of the global crisis, participants agreed that immediate steps were needed to promote fuel conservation and efficient use of energy resources.
The meeting also agreed on strict monitoring of petroleum reserves in the province. The chief minister directed authorities to launch a crackdown against hoarding of petroleum products and warned that no one would be allowed to sell fuel above the officially notified rates.
She instructed district administrations across the province to closely monitor fuel supply and directed the Punjab Enforcement and Regulatory Authority (PERA) and the transport department to keep a vigilant watch on the situation and take immediate action against violations.
The chief minister also ordered provincial officials who attended the meeting to ensure that citizens do not face long queues at petrol pumps and that smooth supply of petroleum products is maintained throughout the province.
Maryam Nawaz observed that the country was facing an extraordinary situation and stressed that the nation would have to demonstrate resilience and discipline to deal with emerging economic challenges. She added that timely and prudent decisions were essential to safeguard the country’s economic stability.