By: Inayat Ali Shah
In justifying the rise in global oil prices, the government has increased the prices of petroleum products from Wednesday, while the global market has reduced oil prices by 4 percent as the threat of Russian invasion of Ukraine decreases. The summary that was sent by the Finance Ministry to approve the increase in the prices of petrol etc. was stopped by the Prime Minister and directed that it be reviewed. It was expected that prices would be raised substantially, but on Tuesday night, the Finance Ministry issued a notification for the same increase as the OGRA had suggested. It should be remembered that in the last fortnight, the Prime Minister stopped the increase in the prices of petrol and diesel, etc., but this time the previous deficit was raised by more than any increase in the past. According to the notification, the price of petrol has been increased by Rs. According to the Finance Ministry, the Prime Minister reviewed the recommendations for the increase in the prices of petroleum products and approved the increase. Minister for Information Fawad Chaudhry defended the rise, saying that if prices were raised in the global market, then here too, prices could not be stopped for long. In addition to petroleum products, the levy on petrol has also been increased by Rs. In this way, petrol prices will rise further, which will result in inflation, which is already at the highest level in the country’s history. The government certainly has the justification for raising the prices of petroleum products, but it must also consider the negative effects it will have on the common man.