Finance Minister Ishaq Dar has raised a very legitimate question: Why the prices of various items are not falling even after a highly significant reduction in the prices of POL products? Speaking at a seminar organised by Competition Commission of Pakistan (CCP), Dar reportedly asked the CCP chief to carry out a study into the post-POL price cut situation with a view to ascertaining the reasons behind rising prices of various items that are not showing a concomitant decrease.
According to a Business Recorder news item, the minister argued that when petroleum prices increase, prices of all commodities, including transport fares and daily use items along with staple food, soar. Contrary to this, when the government has effected a substantial decrease in POL prices, the impact has not been passed on to consumers proportionately. Citing the example of staple food, the minister reportedly said the CCP should not limit its enforcement mandate to the industrial sectors like cement, but also look into the daily commodities being used by consumers such as potato and other food items for consumer protection.
The foregoing, however, clearly shows the helplessness of a government in relation to unscrupulous traders and others. The government must stop acting like a silent spectator. It must take corrective steps without any further loss of time.