Another petrol price increase is on the way, and there goes our Finance Minister Shaukat Tarin, hinting yet again at a rise in petroleum prices.
According to Train, the government spends Rs. 104 billion per month to maintain petrol prices at Rs. 150 per liter. The current domestic petrol price is Rs. 240 per liter, based on current international rates.
Tarin spoke at a seminar organized by the Aiwan-e-Karkunan-e-Pakistan and the Nazria-e-Pakistan Trust on the Revival of Pakistan Economy and Outlook in 2022.
The Federal Finance Minister shared his thoughts on the country’s current super-cycle of inflation. He predicted that 2022 will be a year of expansion. The government expects a 5% growth rate this year, and the IMF believes that Pakistan’s 5% growth rate will continue until 2026.
According to Tarin, the government is more concerned with the super-cycle of inflation than with growth. He stated that the government predicts an inflation rate of 8 to 10%. And if this inflation continues, the general public will suffer even more.
Earlier this month, the government reduced the price of petrol and diesel by ten rupees, light diesel oil by five rupees, and kerosene oil by one rupee. Currently,
- The price of petrol is Rs. 149.86 per liter.
- The price of high-speed diesel is Rs. 144.15 per liter.
- The price of kerosene oil is Rs. 125.56 per liter.
- The price of light diesel oil is Rs. 118.31 per liter.
We are all aware of how the ongoing Russia-Ukraine crisis has caused global concern. Because of the war, international fuel prices have risen to more than $100 per barrel. As a result, our local market’s prices increased to Rs. 160 per liter.
Fortunately, the government reduced the rates in the most recent price increase. What about this time? Share your thoughts in the comment section.