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Inflation, prices go down with oil prices reduction

National Assembly was informed on Thursday that reduction in sensitive price index has been recorded with reduction in petroleum prices and the federal government has directed provincial governments to ensure relief for the common man.

Parliamentary Secretary Finance, Revenue and Economic Affairs Rana Muhammad Afzal Khan told the House that prices of 14 items have shown reduction in prices including onion, potato, banana, sugar and other essential items.

He further informed that inflation rate has decreased from 5.8 percent in November to four percent in December this year against corresponding period last's year inflation rate nine percent in November and 10.9 percent in December.

Giving details, he said, petrol prices that stood at Rs 106.56 per liter in September 2014 have been reduced to Rs 84.53 in December showing a 19% 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 Parliamentary Secretary said, reduction in petroleum prices will also benefit the farmers in terms of use of diesel in tractors, tube wells etc and enhance their profit after input cost will be cut down with this decrease.

Reduction in petroleum prices will also cut down the input cost for the farmers, he added.

Rana Afzal said, the provincial governments have been directed to strictly check the transport fares and any transporter who fails to comply with the government directives shall be dealt with accordingly.

The government is committed to provide relief to poor people and anybody hindering its efforts shall face an action, he added.

The members Perveen Masood Bhatti, Shahnaz Saleem, Tahira Bukhari, Asiya Naz Tanoli and Mian Najeebuddin Awaisi 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.

NA
Copyright:
Associated Press of Pakistan
Published on:
December 4, 2014
Source url:
http://www.brecorder.com/pakistan/business-a-economy/208686-inflation-prices-go-down-with-oil-prices-reduction.html
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