Last night, Miftah Ismail in his tweet announced the increase in petrol prices considering the alarming situation of bankruptcy in Pakistan. The decision to increase prices was announced with effect from 27 May. Due to which a large number of people rushed to the petrol pump station and stayed in a long queue.
The chaotic situation in view of petrol prices among people has been witnessed. Resultant, the Prime Minister of Pakistan, Shahbaz Sharif called for an address on the briefing of petrol prices and hoped to bring people into confidence and will announce a relief package today. The increase in prices up to Rs 30 was inevitable to revive the loan which is amounting to $6 billion. The Federal Minister of Finance and Revenue, Miftah Ismail further clarified that this was not an easy decision in view of political and economic conditions but we had to do this in order to save the country from bankruptcy. Imran Khan, the chairman of PTI called the decision as the incompetent and insensitive move in his last tweet. However, the Pakistan Business Council appreciated the decision and labelled it as the dire need for now to remove subsidies on petrol prices.
Despite unpopular decisions politically, the market has shown yielding results after the petrol prices increase. The Rupee appreciated by Rs 3 and the stock market also showed an increase of 900 points which is a good indication.
