ISLAMABAD : The Shahbaz government is also following footsteps of its predecessor for keep maintaining petroleum prices unchanged despite bearing its huge impact on revenue. According to the Federal Board of Revenue (FBR) , the decision of keeping oil prices unchanged in April only it cost it Rs 45 billion in terms of revenue loss. The Pakistan Tehreek e Insaf (PTI) government had opted for populist politics when it foresaw ouster from power in March last. Despite going into severe financial crisis and negativity of all economic indicators, PTI government capped oil and power rates till June next. The PTI actually planted landmines for next government by capping the rates of petroleum products and power for three months. The economic wizards of ousted government did everything in their last one and half months rule which could ignite financial crisis of Pakistan . Capping of rates of petroleum products and power was one step of PTI government to achieve its target of damaging the national economy beyond repair . It also intentionally did not arrange LNG and furnace oil for power generation so that the load shedding takes ugly turn that could shift blame of severe load shedding on next government . The last government policy of letting go the rupee down as much as it can also made things worse for the new government . The PTI policy of damaging Pakistan’s economy intentionally and then pass on its blame on next government has done wonder for it. Hammad Azhar , an energy minister of Imran Khan government , is proving himself even more cunning than any of his colleagues of Imran cabinet . He is responsible of entire economic turmoil which Pakistan is faced with today ,but you can see him in the social and local media holding Shahbaz Sharif government responsible of load shedding and further depreciation of the rupee.
The Shahbaz government is under huge pressure as International Monetary Fund (IMF) is demanding immediate withdrawal of subsidies given to oil and power sector . And at the same time it is under public pressure due to Imran Khan’s public rallies . So Shahbaz government is virtually fixed up between the rock and hard place . If it raises petroleum products’ prices it would face public reaction and if it keeps the rates unchanged it will cost it more in terms of revenue loss, besides losing case for getting much- needed funds from IMF.
