By Hamza Ameer Islamabad 1st September : The world continues to present new challenges for the citizens of Pakistan in the midst of millions of people suffer the destruction caused by floods, while others are suffering from the increasing inflation in Pakistan, which makes it nearly to impossible to meet everyday expenses pay.
In the latest, tense decision taken by the Shehbaz Sharif government price of petroleum products increased around Rs 3 per litre despite a decrease in global oil prices.
The decision to raise prices is primarily due to of the fluctuation of exchange rates as well as an increase in the petroleum levies in conformity with the agreement with the newly revived bailout loan scheme from the International Monetary Fund (IMF).
In the notice released by the Finance ministry, the per litre price of petrol has increased by the equivalent of Rs 2.07 high-speed diesel (HSD) by the amount of Rs 2.99 and kerosene, by Rs 10.92 and light diesel oil (LDO) by the amount of Rs 9.79.
“In the review every fortnight of the prices of petroleum products the government has pondered the suggestion to implement a an increase in the cost of petroleum-based products in keeping with the changes in the oil princes of international trade and the fluctuation in the rate of exchange,” the finance ministry’s announcement said.
“Petroleum levies have been kept at a minimum in order to ease the burden on customers,” the notification added.
The revised prices were maintained from September 1 until September 15, 2022.
The rise in price is in the in the midst of massive increases in costs of vegetables that have risen to at least 200 percent.
This is due to the devastating floods, which led to an immediate rise in prices of potatoes, tomatoes as well as other crops across the nation which have destroyed more than 20 million acres of crops fields with ready harvests.
The Shehbaz Sharif government began raising prices for fuel from the in the last week of May of this year, in order to meet the requirements of the IMF for the resumption of the bailout program.
The price hike is the most significant dispute between Pakistan and the IMF as part of the agreement to slash subsidy in power and oil sectors, and to reduce the deficit in fiscal revenue.
Alongside the price increase in petroleum products The government has been steadily increasing the per unit of electricity.
In addition, huge sums in fuel adjustment charges have put locals in shock.of shock.
Locals protested against the government’s decision to charge hefty fuel adjustment fees in electricity bills .Many were unable to pay for the charges and slammed the government for not being concerned about how they’ve made the life of the people of the area “miserable”.
On the other on the other hand, the government bound by the IMF agreement to gradually increase the PDL for oil products to the maximum of fifty cents per liter, to meet the goal of getting Rs.855 billion in the current fiscal year.
hamza/svn/
