Pakistan economic crisis worsening as govt increases petroleum by Rs 60 per liter in 2 weeks

June 3, 2022

By Zahid Shah

ISLAMABAD: Pakistan's economic crisis worsening as the new government is unable to control massive price hikes in the country.

To shift all burden toward the 220 million Pakistani population, the Finance Minister again announced to increase the petroleum prices by Rs 30 from Friday.

This is the second increase in less than two weeks as now the petroleum increased by Rs 60 per liter while electricity rates also going to jump from July 1st.

“I have to reach an agreement with the IMF. Shaukat Tarin and Imran Khan had tied our hands by signing agreements with the IMF and then violated it,” Dawn quoted Finance Minister Miftah Ismail as saying

He added that the new agreement would be signed with the IMF within June because they also wanted to see our budget and reform measures. “We cannot deviate much from earlier agreements that required Rs30 petroleum levy and 17pc tax. I would not impose taxes in June, but subsidy would be withdrawn,” he said.

The new prices of petrol now up to Rs 209 per liter while in far-flung areas the prices will reach to over Rs 212.

The government announcement brought strong criticism from the public as people slammed the new government for its inability to tackle the current crisis and pushed all burdens toward the public.

Pakistan's economy was strong in previous Imran Khan’s government as the country recorded 6% growth in 2021-22.

However, since April when the opposition alliance toppled Khan’s government, the economic situation worsening day by day.

Pakistan economic crisis worsening as govt increases petroleum by Rs 60 per liter in 2 weeks

Tags

Comment / Reply From

You May Also Like

Pakistan's maiden lunar satellite sends 1st images from Moon orbit

Rally in Pakistan condemns US for arming Israel to continue attacks on Gaza

7 killed in attack in southwestern Pakistan

Black Day': No absolution for those trying to undermine nation's foundation, says Pakistani premier

Saudi, Pakistani investors discuss ways to boost economic cooperation

At least 20 killed, 21 injured in Pakistan-China highway bus accident

Massive rains, flash floods kill nearly 100 in Pakistan

2 locals killed 5 Japanese remain unhurt in suicide bombing in Pakistan

Recent News

Recommended

Babies being sold to feed siblings, UN chief describe Afghanistan situation worrying

Archive

Newsletter

Popular Posts

Over 95% of Pakist...

Muslims from abroa...

Pakistan as Respon...

Categories

Pakistan economic crisis worsening as govt increases petroleum by Rs 60 per liter in 2 weeks

Tags

Comment / Reply From

You May Also Like

Recent News

Recommended

Archive

Stay Connected

Newsletter

Popular Posts

Categories