Editorial

SOMETHING SHOULD BE DONE TO REDUCE PUMP PRICES OF FUEL

Editorial 24th April 2018

It is just two days ago when in this same column, issues of the hike and abnormal increment of prices of basic commodities were raised. Guardians and Parents are unable to meet their families’ obligations due to the skyrocketing prices of almost every item that is necessary for the sustainability of the households. Monday this week, pump price of fuel in most petrol stations, was between 220 and 250 SSP. Yesterday, Tuesday, in the same stations, the pump-prices had jumped to 270 SSP and above. All of us know what it means to have fuel prices increased. Almost all power generation for public and industrial use are from fuel, petrol or diesel. It means that even basic food prices will increase due to the fuel hike since almost all food stuff and other basic commodities are imported. Nothing will come to Konyo Konyo, Jebel or Custom markets at any lower and affordable prices. Worse still is that even fuel brought from a long way to reach its destination in the country. The importation process is yet another agony due to shortage of hard currency in the reserve and open markets. The economic is being dictated by the world market of oil production since this country relies heavily on oil revenue. The hike in pump prices is something which should be looked into. Just in a day, an increase of over 20 SSP computed in the industry is something unbelievable. Some of the stock came in the country long time ago and truly there is no need to equate them with the on-going dollar rates which keeps going up every day. The dealers should not hide or peg their profit margin on old stock which could be disposed of at a reasonable rate to help at this point considering the current situation faced by the common-man. It is only the state owned Nilepet which is still selling its products a subsidized rate, though it cannot meet the national demand at ago. Let those in charge of supply do something to safeguard consumers.

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