On Thursday, Prime Minister Shehbaz Sharif stated that he was acutely aware of the impact that a rise in the price of fuel produces; yet, he noted that the government is left with little choice as a result of an IMF arrangement.
Because of the agreement with the IMF that was struck by the previous PTI government, Prime Minister Shehbaz Sharif stated in a series of tweets sent from his personal account that there was no other option for the government but to hike the prices of fuel.
Shehbaz Sharif, the Prime Minister of Pakistan, has promised that the country will emerge from its current economic predicament very soon and has stated that he will “soon take the people into confidence on the specifics of the IMF-PTI arrangement.”
“I wonder whether those who signed the worst ever deal with the IMF and committed patently poor economic decisions have the conscience to confront the truth,” he stated, and he continued by asking, “How can they pretend to be innocent when what the nation is going through is clearly their doing?”
Earlier on Wednesday, it was first reported that Prime Minister Shehbaz Sharif had rejected the summary that was provided by the Oil and Gas Regulatory Authority (Ogra), which requested a rise in the prices of petroleum goods beginning in June 16.
However, minutes before the stroke of midnight, Finance Minister Miftah Ismail stated that the price of a liter of petrol would be increased by Rs24.
He stated that the government was unable to continue to shoulder any additional subsidies at this time. According to him, the new prices would be implemented beginning at twelve in the morning on the 15th of June.
Miftah was critical of the policies of the previous administration, saying that they “wrecked the economy of the country.”
According to the Minister of Finance, the current government is the one that is bearing the brunt of this, and he also added that at the present time, Pakistan is incurring a loss of Rs24.3 on petrol, Rs59.16 on diesel, Rs39.49 on kerosene oil, and Rs39.16 on light diesel oil for every liter that is sold.