After a few weeks of adjusting, the new government is fully operational. Right now, the government’s biggest challenge and the country’s hottest topic is the price of fuel. According to recent reports, petrol prices are set to rise as the new Finance Minister, Miftah Ismail, has agreed to end fuel subsidies in accordance with IMF recommendations.
Miftah claims that the government will devise a policy to help motorcyclists. He went on to say that the government will only subsidize fuel for middle-class motorcycle riders, not the elite class with big cars.
We are all aware that Pakistan has a chronically ailing tax base. The new government inherited an economic crisis that will take time to resolve, but Finance Minister Miftah insists that “there is never a wrong time to do the right thing.”
The previous administration shifted economic pressure onto the people, putting them under stress. The current government has stated that it will do everything possible to relieve public pressure and make people’s lives easier.
The current administration is determined to collect more taxes than the previous administration while not imposing any new taxes.
Expected Petrol Price Hike
During the most recent fuel price revision, the new government kept gasoline prices unchanged. It was a political decision, as the government chose to follow popular sentiment despite the country’s deteriorating economic health. However, petrol prices will not remain constant this time, and the public should brace themselves for a significant increase in petrol prices on May 1st.
Petrol is currently priced at Rs. 149.86, High-Speed Diesel (HSD) at Rs. 144.15, Kerosene Oil (SKO) at Rs. 125.56, and Light Diesel Oil at Rs. 118.31.