Petrol Rs 10 per liter cheaper: 'The global market has declined, Ishaq Dar is no wonder'

 

Petrol Rs 10 per liter cheaper: 'The global market has declined, Ishaq Dar is no wonder'

Decisions to increase or decrease the prices of petroleum products in Pakistan have always been a big news because the decision has a direct impact on the life of the common man.

However, this year the political and economic scenario of the country has been revolving around the prices of petroleum products and now any decision in this regard becomes controversial.

Last night, Finance Minister Ishaq Dar has announced a reduction in the prices of petroleum products. According to this announcement, now the price of petrol, diesel and kerosene will be reduced by 10 rupees.

The new price of petrol has gone up to Rs 214, 80 paisa per litre, while light diesel oil has gone up to Rs 169. It should be noted that oil prices have also decreased in the world market and Brent crude has reached 81.2 dollars per barrel, which exceeded 100 dollars earlier this year.

While the reduction in the prices of petroleum products is a happy news for some people, many people seem to be criticizing it.

The reason for the criticism is Pakistan's promises to the IMF regarding the petroleum levy, which do not seem to be fulfilled in the coming months due to the price reduction.

 

Finance Minister Ishaq Dar announced the reduction in petroleum products in a televised address and said that Prime Minister Shehbaz Sharif wants maximum relief to be passed on to the people.

It should be noted that the Pakistan Tehreek-e-Insaf government had given subsidy on petroleum products a few months before the Tehreek-e-Insaaf motion, when oil prices were increasing in the global market.

The decision was against the terms of the IMF, but after the success of the no-confidence motion, the PDM government initially took a few months to reverse the decision.

However, before this year's budget, a phased increase in prices was announced, due to which the country saw an increase in the rate of inflation and the then finance minister, Miftah Ismail, faced criticism.

A few months later Miftah Ismail submitted his resignation to the Prime Minister and Ishaq Dar was appointed as the new Finance Minister of Pakistan.

When the PDM government announced the return of former finance minister Ishaq Dar, promises were made by Ishaq Dar to stabilize the value of the rupee against the dollar and reduce the prices of petroleum products.

 

This is the third time since the arrival of Ishaq Dar that the prices of petroleum products have been reduced. Earlier, he had reduced the price of petrol and diesel by 12 rupees per liter on September 30, while on November 30, the price of light diesel was reduced by 7 and a half rupees and the price of kerosene oil was reduced by 10 rupees.

It should be noted that Pakistan's foreign exchange reserves are rapidly decreasing and according to experts, due to violation of conditions, the next installment of loan from IMF is not being given.

Commenting on the decision, one user wrote, "The government should not have announced the price reduction at this time and should have tried to meet the tax targets because it will not reach the common man." .'

In a tweet from the Pakistan Business Council, it has been said that this opportunity was to bring back the Petroleum Development Levy as per the terms of the IMF and not to reduce the prices of petroleum products. Decisions made based on political expediency are likely to bankrupt Pakistan.

Petrol Rs 10 per liter cheaper: 'The global market has declined, Ishaq Dar is no wonder'

Decisions to increase or decrease the prices of petroleum products in Pakistan have always been a big news because the decision has a direct impact on the life of the common man.

However, this year the political and economic scenario of the country has been revolving around the prices of petroleum products and now any decision in this regard becomes controversial.

Last night, Finance Minister Ishaq Dar has announced a reduction in the prices of petroleum products. According to this announcement, now the price of petrol, diesel and kerosene will be reduced by 10 rupees.

The new price of petrol has gone up to Rs 214, 80 paisa per litre, while light diesel oil has gone up to Rs 169. It should be noted that oil prices have also decreased in the world market and Brent crude has reached 81.2 dollars per barrel, which exceeded 100 dollars earlier this year.

While the reduction in the prices of petroleum products is a happy news for some people, many people seem to be criticizing it.

The reason for the criticism is Pakistan's promises to the IMF regarding the petroleum levy, which do not seem to be fulfilled in the coming months due to the price reduction.

Finance Minister Ishaq Dar announced the reduction in petroleum products in a televised address and said that Prime Minister Shehbaz Sharif wants maximum relief to be passed on to the people.

It should be noted that the Pakistan Tehreek-e-Insaf government had given subsidy on petroleum products a few months before the Tehreek-e-Insaaf motion, when oil prices were increasing in the global market.

The decision was against the terms of the IMF, but after the success of the no-confidence motion, the PDM government initially took a few months to reverse the decision.

 

However, before this year's budget, a phased increase in prices was announced, due to which the country saw an increase in the rate of inflation and the then finance minister, Miftah Ismail, faced criticism.

A few months later Miftah Ismail submitted his resignation to the Prime Minister and Ishaq Dar was appointed as the new Finance Minister of Pakistan.

When the PDM government announced the return of former finance minister Ishaq Dar, promises were made by Ishaq Dar to stabilize the value of the rupee against the dollar and reduce the prices of petroleum products.

This is the third time since the arrival of Ishaq Dar that the prices of petroleum products have been reduced. Earlier, he had reduced the price of petrol and diesel by 12 rupees per liter on September 30, while on November 30, the price of light diesel was reduced by 7 and a half rupees and the price of kerosene oil was reduced by 10 rupees.

It should be noted that Pakistan's foreign exchange reserves are rapidly decreasing and according to experts, due to violation of conditions, the next installment of loan from IMF is not being given.

Commenting on the decision, one user wrote, "The government should not have announced the price reduction at this time and should have tried to meet the tax targets because it will not reach the common man." .'

In a tweet from the Pakistan Business Council, it has been said that this opportunity was to bring back the Petroleum Development Levy as per the terms of the IMF and not to reduce the prices of petroleum products. Decisions made based on political expediency are likely to bankrupt Pakistan.

Arf  Rehan Mahmoud wrote that 'We were hoping for more than this, please reduce petrol from 200 or return it to 224, no discount of 10 rupees'.

One user wrote that "oil prices have fallen in the global market, there is no miracle of Ishaq Dar."

In this way, another user pointed out that the government should also appeal to the transport sector to reduce the rent.

Arf Rehan Mahmood wrote that 'We were hoping for more than this, please reduce petrol from 200 or return it to 224, no discount of 10 rupees'.

One user wrote that "oil prices have fallen in the global market, there is no miracle of Ishaq Dar."

In this way, another user pointed out that the government should also appeal to the transport sector to reduce the rent.