The PML-N-led has dropped an atom bomb on already inflation-hit people of Pakistan to massively increase petrol, diesel and other POL products’ prices by Rs 30: Petrol – Rs179.86; Diesel – Rs174.15; Kerosene oil – Rs155.56 and Light diesel – Rs148.31 are new rates.
He added that the new prices of POL products would be enforced effectively from 12AM Friday (May 27).
He said that Prime Minister Shehbaz Sharif had decided to take this tough decision, adding that the move would politically hit the incumbent government badly.
He claimed that the raise in POL products’ rates would increase inflation slightly.
He maintained that if the government had followed the PTI government so the prices would have been by Rs180.
The finance minister noted that following the decision to hike the prices, financial markets would witness stability, the rupee would strengthen, and the economy would get a boost.
Ismail said that Imran Khan — going against the IMF deal — had announced subsidies on petroleum products when his government’s tenure was coming to an end.
“We are all the owners of a country. How can we afford [such subsidies] that are costing three times more than running the everyday affairs of the governments,” the finance minister said.
Ismail said it was an injustice to the lower-income segment of the society that the people who own cars, industries, and generators, are getting subsidies.
“Indeed, this is the failure of the government that inflation is rising but we have provided subsidies on commodities at utility stores and are making sugar available at a lesser cost than Imran Khan’s government,” he said.
Ismail said increasing the price of petroleum products by Rs30 was not an easy decision for Prime Minister Shehbaz Sharif, but vowed that the incumbent government would take steps to safeguard the economy.
Courtesy Bol News