KARACHI: Zubair Tufail, President of the United Business Group (UBG), has urged the government to significantly reduce petrol and diesel prices in line with the 12% drop in global market prices over the last 10 days.
Zubair Tufail said that the current crude oil price is $61.99, which was $72 two weeks ago. He said that the government had recently increased the Petroleum Development Levy (PDL) on petrol and diesel from Rs60 to Rs70 per litre but announced that its impact would be redirected to electricity consumers.
However, it is believed that oil consumers will provide an additional Rs58 billion in PDL to cross-subsidize electricity consumers. The government is collecting extra from the public through higher petrol prices and providing the benefit of lower electricity prices, but this relief will only apply for three months to all power distribution companies, including K-Electric.
Zubair Tufail praised the reduction in electricity prices and stated that the decision to reduce petroleum product prices on April 15 will be appreciated by the public. He added that this will reduce inflation and lower production costs for export industries.
Zubair Tufail emphasized that petrol prices are at their lowest level in the global market, but they are not being reduced in the country. He reiterated the demand for an immediate reduction in petrol prices and called for the cessation of the additional collection through petroleum levy.
Meanwhile Pasban Democratic Party Vice Chairman Rafiq Khaskheli has said that the benefit of the reduction in crude oil prices should be conveyed to the common man. The prices of petroleum products should be reduced in proportion to the reduction at the global level. The tax collection should also be reviewed.
Those who reach the houses of power by investing crores of rupees in elections indulge themselves and the common man suffers from the worst inflation and is deprived of prosperity. This chain should end now. Excessive profiteering on petroleum products falls under the category of unlawful profiteering. Due to corruption, the common man does not get relief. Reports of ending inflation and people being happy are a lie.
The people spent the month of Ramazan in the worst inflation, and even on Eid, the people were deprived of happiness. The government has made electricity cheaper, but it does not seem that the people will get relief due to the pile of taxes.
The global prices of crude oil have decreased. The price of American WTI crude oil has decreased by 6.20 percent. The price of WTI crude oil has decreased by $4.15 to $62.80 per barrel. The price of Brent has decreased by 5.77 percent, after which the price of Brent has decreased by $4.05 to $66.09 per barrel.
Meanwhile, it has been learned that the global price of crude oil has fallen due to US tariffs and OPEC increasing production. The tariffs announced by US President Donald Trump have brought down the rising prices of crude oil.
The price of West Texas Intermediate WTI has decreased by $4.15 to $62.80. The price of Brent has decreased by $4.05 to $66.09.
The prosperity of the common man depends on his monthly budget. Government officials sit in offices and make reports that everything is fine, but they cover up inflation. Only the common man knows how much inflation is. Coins are not the norm, but the country’s system is running on coins, which is causing corruption worth billions of rupees. Currently, petrol is priced at Rs254.63 per litre in the country.
When any consumer buys a litre of petrol, he has to pay Rs255 in full, thus the remaining 37 paisa goes into the pockets of petrol pump owners. Isn’t this corruption? Along with the salaries and privileges of the rulers, the burden of corruption of petrol pump owners is also falling on the common man.
The prices of petroleum products also have a direct impact on the prices of daily necessities. The government should immediately reduce the prices of petroleum products to provide relief to the common man.
Copyright Business Recorder, 2025
