Petrol Prices to Shoot Up as New Govt Plans to End Subsidies

Petrol Prices to Shoot Up as New Govt Plans to End Subsidies in 2022

The general public is about to face a massive increase in fuel prices. Following the regime change, the Ministry of Finance considers eliminating gasoline subsidies. Finance Minister Miftah Ismail recently stated that the petrol subsidy allowed for May and June would cost the government Rs. 96 billion, which it cannot afford.

The Oil and Gas Regulatory Authority (OGRA) recommended an increase in petrol and diesel prices of Rs. 21 per liter and Rs. 50 per liter, respectively, a week ago. Because of “political considerations,” Prime Minister Shehbaz Sharif decided not to approve the increase.

However, the petroleum division is now considering reconsidering that decision. According to an official source, the government intends to raise petroleum product prices regularly unless global prices fall significantly.

Miftah blamed the previous government for the impending price increases on petroleum products. He stated the following:

Imran Khan has thrown the Shehbaz Sharif-led government into disarray by refusing to collect taxes on gasoline and diesel. Making gasoline cheap is not a favor; it is the nation’s money that is used to provide the subsidy.

He emphasized that fuel subsidies have taken a significant amount of money from the national treasury. “We will reintroduce the program.” “If the government needs to tighten its belt, it will,” he added.

Fuel prices will skyrocket as a result of the impending price increases. This realization has thrown the general public and several businesses into a frenzy.

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