Federal Information Minister Fawad Chaudhry responded to significant outrage and criticism of the government over the recent substantial rise in the pricing of petroleum goods by saying that the country could not be run on subsidies.
The PTI-led government had announced a substantial price increase in petroleum goods a day before, raising the cost of petrol by Rs10.49 per liter and high-speed diesel by Rs12.44 for the following two weeks.
Fuel tariffs were hiked owing to a rise in international market costs, according to Fawad Chaudhry in a statement. He said that domestic oil prices are related to international pricing and that prices will decline in the country when commodity rates fall on the global market.
He went on to say, “These economic troubles are only transitory.” According to the information minister, the country will confront the challenges collectively.
“The administration is being chastised for the increase in oil prices as if we live on another planet,” the information minister added.
Recognizing the problems encountered by paid workers, Chaudhry emphasized the necessity for the private sector to raise employee pay.
“The remedy to rising inflation is a rise in income and jobs,” Fawad Chaudhry said, adding that the manufacturing, agricultural, and construction sectors are all earning record profits.
The government of the Pakistan People’s Party (PTI) has detonated a petrol bomb.
The government announced a hefty price rise in petroleum products on Saturday, raising the cost of petrol by Rs10.49 per liter and high-speed diesel by Rs12.44 for the next two weeks.
The rise in POL goods came a day after the government announced an Rs1.39 per unit increase in power tariffs, which would take effect next month.
The price of kerosene oil has increased by Rs10.95 per liter, while light speed diesel has climbed by Rs8.84 per liter, according to a Ministry of Finance statement.
“At the moment, oil prices are about $85 per barrel (Global Benchmark Brent), which is the highest since October 2018,” according to the finance ministry’s announcement.
It went on to say that costs across the whole energy chain have risen dramatically in recent months as a result of increased demand for energy spots and supply constraints.