Oil prices’ hike impacting national economy negatively
ISLAMABAD: Continuous hike of oil prices, especially in the last one year by the present government has been creating negative impact on the national economy.
According to official sources, the petrol prices were Rs. 66.27 per litter at the start of 2017 and since then the government, instead of providing any relief to the consumers due to reduction of prices at the global level, has been regularly increasing the prices.
The prices of the petrol have been revised by the government and since November 1st, the petrol is being sold at a rate of Rs. 75.99 per litter that indicates an increase of ten rupees in just one year.
Since January 2017, the government has been increasing the prices of the petroleum products except providing a relief for one time in August when just a minor relief of Rs. 1.80 was provided to the consumers.
As the petroleum prices, directly related to the prices of transport, therefore, in this one year, the transport rates have been increased more than ten percent causing a burden on the people especially on the middle and lower middle class who used to travel through private transport.