The government of Pakistan has announced a surprisingly increased rate in the prices of petrol. Rs30 has been added per liter from Thursday, this increase of petrol prices is to remove subsidies from commodities. Ministry of Finance has announced these petrol prices during a press conference. Further, it was explained that this massive change is to increase the funding program of Pakistan. This will play a big role in increasing the economy of the country.
Finance Minister of Pakistan Mr. Miftah Ismail has declared that there was a massive burden on the country’s economy. Despite all this and the increase in the prices of petrol still, it was difficult to bear the losses.
Although in PTI government agreed to IMF demand and decided to raise the prices of both electricity and petrol. But later Imran Khan announced giving subsidies on petrol and electricity. The current government was also running on the same arrangements till now. Now Finance Minister has decided to raise petrol prices because this will help in increasing the stability of the country and the economy of the country will also get better in the long term. Although people have many questions in their mind regarding high prices of petrol. In return, Finance Minister has said that what else they can do except take that step, there isn’t anything that seems to be possible.
Mr. Miftah Ismail further declared that Imran Khan has gone against the IMF rules due to which our country had already bear a lot of loss. These subsidies are costing three times higher than normal to run everyday affairs. He said that it’s a shame for us that inflation in the country is rising day by day and it's becoming difficult to run a government in this condition. Also, life for the lower-income segment is becoming difficult and the high class is availing of subsidies. We have already given subsidies on basic items in utility stores like sugar prices have decreased that is less than it was in Imran Khan’s government.
Although he further said that it was a difficult decision for both government and the nation but there isn’t seem to be another solution. Other than raising prices on these commodities, we have to take steps to save this state rather than saving our politics.
On the other hand, after the postponement of Imran Khan’s Long March as discussed in an earlier blog, now the rise in prices of petrol has given people new bewilderment. On the other hand, IMF isn’t ready to give subsidies, they are willing to increase the prices and revise the rates of the market. And current government is trying to get the remaining 3 billion USD.
We hope to have a better situation in Pakistan because the increased rate of everything has increased inflation. Which has become the biggest issue for both the nation and the government. It's becoming difficult or seems to be impossible to increase the economy of the country.