New Delhi: After Sri Lanka, is Pakistan going through an economic crisis this time? In a recent announcement, economic experts are seeing clouds in the sky. Why not, Pakistan government has said that it no longer has the power to subsidize fuel oil. As a result, the price has gone up a lot in one fell swoop. Petrol is being sold in Pakistan at Rs 233.89, diesel at Rs 263.31 and kerosene oil at Rs 211.43 since Thursday.
Announcing the increase in prices, Pakistan’s Finance Minister Mifta Ismail and Petroleum Minister Musaddaq Malik said that the former government (Imran Khan’s government) unnecessarily put the burden of subsidy on the government’s shoulders and lowered the fuel price. But the present government can no longer bear that burden.
The Finance Minister said that Pakistan has been accepting a deficit of Rs 24 3 paise on petrol, Rs 59 16 paise on diesel, Rs 39, 49 paise on kerosene and Rs 39 16 paise on light diesel oil for a long time. The loss widened to Rs 12,000 crore in May. Where one-third of its expenditure is spent in running the government. However, economists fear that if the price of fuel rises, the prices of other commodities will also rise sharply.