As per media reports, the government is mulling hedging fuel to the extent of 15 percent of the import volume and the matter has been under discussion in the ECC for quite some time. Regrettably, the decision should have been taken more than a month ago when the international oil prices were in the region of $20 per barrel (Brent). During the last 30-40 days, the price of Brent oil has doubled to nearly $40 per barrel and the rise is expected to continue owing to the reduction in the output by OPEC+ group and the US, and accentuated by the pent up demand following the easing of lockdown globally.
There is a need to fix responsibility for the loss amounting to billions caused by undue procrastination in the matter. The prime minister must order a probe to ascertain the truth.
Shoaib Arif
Karachi