Petroleum price hike hurting Pakistanis (Lead)

February 2nd, 2012 - 7:50 pm ICT by IANS  

Islamabad, Feb 2 (IANS) The steep hike in petroleum prices has shocked Pakistanis.

Reflecting popular opinion, the Pakistani media is wondering if there is any proper regulatory authority to manage the pricing mechanism in the sector.

The Daily Times accused the government of dropping “another bombshell on the masses by announcing a mammoth increase in petroleum prices, which it had earlier called off on New Year’s eve”.

Prices of petrol, diesel, cooking gas and compressed natural gas have been hiked in the country.

The hike in petrol price is six percent while diesel price has gone up by 4.7 percent.

The LPG is costlier by Rs.15 a kg. CNG price is up by 10 percent per kg.

The editorial said the latest hike has come at a time when “the masses and the country’s economy are going through a rough patch.

“Owing to the acute fuel and energy shortage, production has suffered tremendously and thousands of workers have been laid off. Agriculture output also shows a negative trend.

“In this scenario, how will the sliding economy endure an impact of another massive hike in petroleum prices is anyone’s guess?”

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