The incumbent government on Thursday unleashed another massive gasoline bomb on the country after another hike of Rs30. In less than a month, the price of petrol has risen by Rs60 to Rs209.86. The recent hike has been made to meet the International Monetary Fund’s (IMF) conditions.
The latest petrol price hike came just hours after the National Electric Power Regulatory Authority (NEPRA) approved a power tariff hike of Rs7.91 per unit.
The question remains who should the Pakistanis blame for the burden the governments of the past and present putting them?
The interfering ex-prime minister is distracting the government with his constant threats
The Economist magazine in its recent article titled, “Imran Khan is jeopardising Pakistan’s attempts to fix its economy” has blamed the former Prime Minister (PM) Imran Khan as the reason for what is happening in Pakistan.
“The reserves are at their lowest level since 2019, when Pakistan last sought help from the IMF. Only half the $6bn bail-out agreed at the time has been disbursed. Mr Khan, then prime minister, originally agreed to cut subsidies and reform the economy but reduced fuel prices instead. The country is running deficits on both its budget and its current account. It needs some $37bn worth of financing for the fiscal year beginning in June, reckons the finance minister,” writes The Economist.
The Economist further writes about how the federal capital witnesses a protest once every year where the state gets questioned and those in power are demanded answers. But this time it was a former premier whose continuous marches and threats are creating instability. “The interfering ex-prime minister is distracting the government with his constant threats.”
“Mr Khan does not appear to be giving up hope. He is petitioning the Supreme Court to guarantee safe passage for potential follow-up marches. The coming spate of painful economic moves will supply him with plenty of excuses to paint the government as American stooges and enemies of the people. The appointment of a new army chief, due in November, will add yet more uncertainty to the political balance. To fix its economy, Pakistan badly needs stability. It will spend the coming months with anything but,” writes The Economist.
Hesitation to get cheap oil from Russia
The Current reached out to Pakistan Tehreek-e-Insaf’s (PTI) Spokesperson on Economy and Finance, Muzzammil Aslam and he said, ” First international markets, second lack of planning by the current government, and the hesitation to get cheap oil from Russia is the reason for the recent petrol bomb.”
“The price pass-through could be lower if they cut the refinery margins. Lastly, it is not necessary to raise prices, one can make up subsidies by imposing windfall taxes, wealth taxes etc,” says Aslam.
Read more: Fact Check: Imran Khan did not arrange a 30% cheaper oil deal with Russia
Decreasing prices was a selfish political move by PTI, but PMLN led-govt should have fixed it immediately
The Current reached out to Geo News’ Anchorperson Shahzad Iqbal to ask for his point of view on the present conditions being faced by the people. Commenting on the issue Iqbal said, “Decreasing prices was a selfish political move by the PTI government to either survive or to create hurdles for the incoming government. But Pakistan Muslim League-Nawaz (PML-N) led government should have fixed it immediately.”
“The delay by the sitting government cost Pakistan Rs150 billion,” said Iqbal.
