According to latest news sources, there is flat 30 PKR hike in the price of petrol according to Finance Minister Miftah Ismail while addressing with press conference in Islamabad. Federal government has decided to increase petrol prices. Now price for one litre of petrol is 209 rupee just after one week of increase in price.
Increase in Petrol Prices
After the most recent round of price increases, the price of a gallon of regular gasoline will be Rs209.86, the price of a gallon of diesel will be Rs204.15, the price of kerosene oil will be Rs181.94, and the price of light diesel will be Rs178.31. The price of everything but kerosene oil went up, yet the increase was less than Rs30.
The minister went on to say that despite the price increase of thirty rupees, the government will still suffer a loss of around nine rupees due to the fact that no tax is being collected on the fuel.
پٹرولیم مصنوعات میں ساٹھ روپے اضافہ اور بجلی میں سات روپے فی یونٹ اضافہ کا مطلب پاکستان کی مڈل کلاس کا خاتمہ ہے، اس حکومت کی معاشی پالیسیاں ہمارے لئے تباہ کن ہیں اور پوری حکومت اس بحران سے نبٹنے کی بجائے مخالفین کیخلاف بغاوت کے مقدمے درج کرانے میں مصروف ہے
— Ch Fawad Hussain (@fawadchaudhry) June 2, 2022
Finance Minister Address with Press Conference
Ismail stated that the administration was holding discussions with the International Monetary Fund (IMF) on a daily basis, and he added, “we cannot accept all of their requests, but there are certain aspects that we have to agree to.
Ismail, however, stated that the government would ensure that prices of sugar and wheat would remain stable at Rs70 per kilogramme and Rs40 per kilogramme correspondingly at all utility outlets across the entirety of the country.
He stressed that the subsidy on gasoline goods that had been declared by the former prime minister Imran Khan had to be rescinded in order to prevent any financial losses.
It doesn’t matter what the IMF says, the government simply can’t afford to lose money on the sale of gasoline and diesel.
I want everyone to come out & protest peacefully after Juma prayers tomorrow against this Imported govt’s anti-people policies of massive price hikes to crush the public & wreak economic havoc in the country since they have no stakes here as their assets are all abroad.
— Imran Khan (@ImranKhanPTI) June 2, 2022
The minister stated that the government was “ready” to import oil [from Russia], under the condition that “it does not come with sanctions.”
Increase in Prices is a direct result of the failure of the Government and the IMF
The increase in prices is a direct result of the failure of the government and the IMF to reach an agreement on an economic bailout. This failure was caused primarily by the government’s inability to make a decision regarding fuel and electricity subsidies, which led to budget uncertainties for the following year.
Criticism on increase in petrol prices
In the meantime, the leaders of the opposition have criticised the government for increasing the cost of petroleum goods to a new all-time high and have stated that the government led by the PML-N is having difficulty managing the economy.
According to Fawad Chaudhry, a former information minister, the recent increase in the price of gasoline will result in “the death of the middle class from the country.”
At a news conference earlier today, the former minister of planning for Pakistan, Asad Umar, stated that he “saw the reflection of slavery and not the finance minister of Pakistan.”
The leader of Jamaat-i-Islami, Sirajul Haq, has declared that his organisation will launch a “public movement” against price increases beginning on June 11.