Ahsan Iqbal advocates for revising market timings to rein in oil import bill

Planning Minister Ahsan Iqbal on Saturday advocated for the revision of market timings to cut down on oil usage by saving electricity, as the country faces rising import costs amid the global oil crisis.

Addressing a press conference in Lahore, Iqbal stressed the need to reduce energy spending to combat the economic difficulties arising from the ongoing war.

Pointing out that Pakistan generated electricity using imported fuel, the planning minister emphasised the need to “bring efficiency in the consumption of petrol and diesel”. Iqbal observed that markets in Pakistan usually opened after 12pm and remained open till 2am, using “electricity generated from imported fuel”. “If we use electricity at night now, this will be generated from furnace oil, which costs the public Rs60-80 per unit,” he explained, asking whether such “irresponsible conduct” suited a nation facing an enormous crisis. 
“Crises are moments of behavioural change,” he said. The planning minister noted that provinces have been asked to consult with traders and “seek a plan of action within a week so we can ensure the early closure of markets”.

The remarks come a day after Power Minister Awais Leghari said that Centre was consulting with provinces on changes to market timings and other conservation measures to reduce the potential rise in power tariffs driven by the high cost of gas and furnace oil. 

In his remarks, Iqbal claimed that markets in developed countries or successful economies such as Japan, the United States, Malaysia, Indonesia and Turkiye did not remain open after 6pm or at most 8pm. “If you go into neighbourhoods after 9pm or 10pm, there is complete calm. People have gone to sleep. Early to bed, early to rise,” he said, stressing that this was also the routine advised by Islamic teachings.

Federal Minister has directed provincial governments to take immediate measures to curb inflationary pressures following a recent increase in fuel prices. He issued these directives while chairing an online meeting of the National Price Monitoring Committee today. The meeting reviewed the impact of rising petroleum prices on transportation fares and essential commodities. The Minister instructed provincial authorities to ensure that transport departments issue revised fare notifications within 24 hours and strictly enforce them.

He emphasized that the benefit of government subsidies must not be negated by arbitrary increases imposed by transporters. Highlighting the likelihood of a "second-round effect" on food prices due to higher logistics costs, the Minister ordered weekly monitoring of essential commodities.