Petrol rate stroll: Incentives can’t be enough to keep a country alive
Federal Minister for Information Fawad Chaudhry, responding to the government’s outrage and criticism over the recent significant rise in prices of petroleum products, said the country could not be run on subsidies.
The day before, the PTI-led government had announced a significant increase in the prices of petroleum products, raising the price of petrol by Rs 10.49 per liter and high-speed diesel by Rs 12.44 for the next two weeks.
Fawad Chaudhry said in a statement that the increase in fuel prices was due to the increase in international market costs. He said that domestic oil prices are related to international prices and when the prices of commodities in the country fall in the global market, the prices in the country will come down.
“These economic difficulties are only temporary,” he added. According to the Information Minister, the country will collectively meet the challenges.
“The administration is being punished for raising oil prices as if we live on another planet,” he added.
Acknowledging the problems faced by salaried workers, Chaudhry stressed the need to increase the salaries of private sector employees.
Fawad Chaudhry said that the cure for rising inflation is increase in income and jobs.
The PPP government has detonated a petrol bomb.
The government on Saturday announced a sharp rise in the prices of petroleum products, raising the price of petrol by Rs 10.49 per liter and high-speed diesel by Rs 12.44 for the next two weeks.
The increase in POL equipment came a day after the government announced an increase of Rs 1.39 per unit in electricity tariffs, effective from next month.
According to the Finance Ministry, the price of kerosene has gone up by Rs 10.95 per liter while light speed diesel has gone up by Rs 8.84 per liter.
According to the announcement of the Ministry of Finance, the current oil prices are around $ 85 per barrel (Global Benchmark Brent) which is the highest since October 2018.
He added that the increase in demand for energy space and supply constraints in recent months have resulted in a dramatic increase in the expenditure of the entire energy chain.