ISLAMABAD: Prominent political figure and former Senate chairman, Senator Raza Rabbani, has called for an in-depth parliamentary debate on the government’s decision to deregulate oil prices. Expressing concerns over the potential impact on the general public, he emphasized the need for transparency and accountability before implementing such economic policies.

Concerns Over Deregulation

Senator Rabbani highlighted that deregulating oil prices without a thorough legislative discussion could lead to price manipulation by oil marketing companies (OMCs). He warned that without adequate regulatory oversight, the policy might negatively affect inflation and burden low-income consumers.

“The government must not take unilateral economic decisions that directly impact the people. Deregulating fuel prices without a clear strategy for consumer protection will only deepen economic hardships,” Rabbani stated.

Call for Government Justification

The senator also demanded that the government justify its move by presenting a comprehensive plan that ensures price stability, prevents cartelization, and protects national interests. He insisted that a parliamentary debate would allow lawmakers to assess the risks and benefits of deregulation.

Economic and Public Impact

If implemented, oil price deregulation could result in volatile fuel prices, driven by global market fluctuations. Critics argue that this could weaken government control over essential commodities, making the economy more susceptible to external price shocks.

Next Steps

Senator Rabbani urged all political parties to unite in advocating for a transparent policy framework that prioritizes the public good over corporate interests. He emphasized that the Senate and National Assembly should have the final say in decisions affecting the country’s economy.