Citizens rushed to petrol pumps after Finance Minister Miftah Ismail announced an increase in the prices of petroleum products. Finance Minister Muftah Ismail signaled an increase in the prices of petroleum products; there was a rush at petrol pumps in Shar-e-Quaid for the citizens suffering from inflation. It was too late for Finance Minister Miftah Ismail at a function in Islamabad on Tuesday afternoon to signal a further increase in prices of petroleum products. The expected price of petrol is 237 rupees.
As the news spread, the inflation-stricken citizens turned to petrol pumps to refuel their vehicles, causing long queues at the petrol pumps, which also affected the traffic flow on the surrounding roads. On the other hand, the oil companies have stopped the supply of petrol pumps in the twin cities of Islamabad and Rawalpindi. In this regard, the petroleum dealers said that the prices of petroleum products had not increased yet and the supply has stopped, due to which the business will come to a complete standstill as the city has only a few hours of petroleum reserves at present. Petroleum dealers have demanded the owners of oil companies restore the supply of petrol to the pumps.
It may be recalled that Federal Finance Minister Muftah Ismail, while addressing a business conference in Islamabad on the issue of energy and petrol, laughed and hinted at dropping another petrol bomb, saying that petrol would still be a little more expensive.
Muftah Ismail laughed and signaled to drop another petrol bomb.
Muftah Ismail had said that Rs 81 billion was subsidized in the petroleum sector; three times more expenditure was being incurred due to this petrol subsidy. There would have been a loss of Rs.120 billion. The Finance Minister also said that the present government had revised the IMF agreement, and we have to repay 21 billion dollars next year. We have to import three million tons of wheat. We will make more difficult decisions. We are in touch with other countries, including Saudi Arabia and China. Miftah Ismail also said that Pakistan imports 3.5 million tons of oil, mostly palm oil, priced at 1800 dollars per tonne.
How will the common man be affected by the increase in petrol and diesel prices?
If we look at the various sectors in the basket of inflation in Pakistan, it weighs about 35% of food items, while the transport sector’s share is about 6%. Those members of the society who are financially weaker sections would be more affected, and with it, the urban middle class will be more affected by this increase. There are 20 million registered motorcycles in the country, and the increase in petrol price would increase their fuel consumption. The increase in petrol and diesel prices would increase the rate of inflation. He said that this increase would increase the inflation rate by three to four percent, and those financially weak members of society would be severely affected by this situation.
The budget of an ordinary person will be badly affected by the new wave of inflation, and it may be difficult for them to meet the necessities of life now. The increase in the price of diesel and petrol would inevitably affect the common man as the cost of private and public transport will increase, and the cost of goods transport will increase and become more expensive.
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