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Inflation rate decreases from 5.8% to 4% with Rs19/litre cut in oil price

Inflation rate decreases from 5.8% to 4% with Rs19/litre cut in oil price

ISLAMABAD: The federal government has directed provincial governments to ensure relief for the common man as the National Assembly was informed that reduction in sensitive price index has been observed with reduction in petroleum prices.

Parliamentary Secretary for Finance, Revenue and Economic Affairs Rana Muhammad Afzal Khan told the House that 14 items have shown reduction in prices including onion, potato, banana and sugar. He said that inflation rate has decreased from 5.8 per cent in November to four percent in December this year against corresponding period last’s year inflation rate which was nine per cent in November and 10.9 per cent in December.

The parliamentary secretary said petrol prices that stood at Rs 106.56 per litre in September have been reduced to Rs 84.53 in December showing a 19 per cent cut in prices within three months. “Reduction in petroleum prices will definitely benefit the consumers and the provincial governments have been asked to act promptly to ensure subsequent reduction in commodity prices. The reduced prices will also benefit farmers in terms of the use of diesel in tractors and tube wells and enhance their profit as input cost will be cut down with this decrease,” he added.

Afzal said that the provincial governments have been directed to strictly check the transport fares and any transporter who failed to comply with the government directives would be dealt with accordingly. The members had drawn the attention of the minister towards non-decrease in prices of daily use despite reduction in the rates of petrol and diesel. The members had also pointed out that in certain areas the masses were not getting benefits of reduction in oil prices and had demanded an action against those violating the government directives.