Friday, December 2, 2022

PM Shehbaz convenes meeting to discuss consequences of hike in petrol price

After the recent spike in the price of petrol, Prime Minister Shehbaz Sharif has called a conference at the highest level to review the current situation.

Participants at the meeting will include officials from the ministries of finance, energy, and planning.

It is important to note that on May 26 the rates of gasoline were raised by the federal government by Rs30 per liter. This rise took effect. The cost of one liter of gasoline has increased all the way up to Rs179.86, up from Rs150 previously. The cost of one liter of diesel has risen to Rs174.15, while one liter of lite diesel will now cost Rs148.31.

The increase in the cost of petroleum was necessary in order to receive the $900 million installments of the loan from the International Monetary Fund.

During the course of the week-long negotiations between the Pakistani team and the International Monetary Fund (IMF), the IMF tied the loan with the increase in the price of petroleum.

Read Also: PM Shehbaz Sharif announces relief package of Rs 28bn on increase in petrol price

Following the recent increase in the price of fuel, former Finance Minister Shoukat Tareen stated that the government should have increased the price of petroleum slowly rather than all at once by Rs30.

Tareen voiced their disapproval of the decision made by the current administration to raise the price of fuel, stating that this would lead to a raging inflation storm. He continued by saying that the government ought to have gradually increased the pricing.

He stated that the people are being deprived of the relief that was granted to them by the PTI government by the current government.

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