ISLAMABAD. : The coalition government has finally given up a policy of preferring populist politics over hard decisions by increasing the rates of petroleum products by Rs 30 per liter . The new rates of petroleum products became effective from mid night on May 26, 2022.
With raise of Rs 30 per liter , the new petrol prices jumped – up to Rs 179.86
New diesel rates became Rs 174 15 per liter.
Light diesel new rates have been fixed at Rs 148.15 per liter.
Kerosine oil rates went up to Rs 155.56 per liter.
Finance minister, Miftah Ismail , in his press briefing on Thursday tried to give justification of a big increase in the rates of petroleum products. He said the Pakistan Tehreek e Insaf (PTI) government had frozen the petroleum products’ prices to lay down mines for the coalition government . He added that the increase in petroleum products prices will help stop down fall of the rupee against dollar . He also argued that the International Monetary Fund (IMF) installment of $ 1 billion can not be secured without increasing the prices of the petroleum products . He said the prime minister took unpopular decision of increasing the petroleum products’ prices to avoid further devaluation of the rupee.
IMF had refused to approve release of due installment for Pakistan under EFF programme without withdrawal of the subsidy on petroleum products and power. iMF denial has posed serious challenge for Pakistan leaving no room for the government o cope with fast deteriorating economy.
The pump owners mafia also strange up to make windfall profit on sale of petroleum products as majority of the pump owners across Pakistan halted sale of petroleum products to the vehicle owners . This illegal practice is going on across Pakistan and the vehicle owners have no option but to become prey to the pump owners mafia and pay more on purchase of petroleum products .
Coalition govt finally increases petroleum products prices by Rs 30 per liter
Miftah says increase to stop devaluation of rupee
Arif Rana is the Chief Editor and senior correspondent, Islamabad based journalist, who did his Master in English Literature from Government College University Lahore.