Miftah says petrol prices increased due to rising prices of petroleum products in Int’l market.
Prime Minister Shehbaz Sharif on Friday decided to cut fuel quota for members of the cabinet. The PM announced strict austerity measures day after the federal government increased petrol prices by Rs. 30 per liter. The duel quota being given to the cabinet members will be reduced while it has also been decided to reduce the cabinet.
On may note that it is due to the economic crisis owing to the political turmoil in Pakistan. The political turmoil has resulted in severe economic challenges across the board. It is resulting in increasing inflation everywhere. Interestingly, there is an inflationary trend around the world. Yet, the political crisis in Pakistan is further aggravating the situation.
On Thursday, FM Miftah Ismail announced increase in the petrol price to pave way for IMF program. Now petrol is available at Rs209.86 per litre, high-speed diesel (HSD) at Rs204.15, kerosene oil at Rs181.94. Only the price of kerosene oil was increased by less than Rs30.
Miftah Ismail said that the decision was taken due to the rising prices of petroleum products in the international market. He said that despite the massive increase, the government was still bearing losses.
