Shaukat Tarin says PM Khan is exploring options on how to offset higher prices despite a recent increase in salaries.
Govt dropped a major bombshell on the people by increasing the price of petrol by Rs12.03 per litre. Tarin says govt is also bearing cost of providing relief to people.
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin on Thursday defended the government’s decision to hike the prices of petroleum products in the country and said that the government is looking for options to make up for the higher prices.
“Following the 166% increase in international petroleum prices since November 2020, the govt is continuously losing its revenue from sales tax [and] levy, just to protect common people from higher prices,” Tarin wrote on Twitter.
The government on Tuesday had dropped a major bombshell on the people by increasing the price of petrol by Rs12.03 per litre “due to an increase in the prices of crude oil in the international market.”
However, the Opposition leaders assailed the government for letting loose a torrent of inflation on people as the fuel prices whizzed past all records and the spending power of consumers received another blow. However, Tarin said that the government is also bearing the cost of providing relief to the masses. Sharing details, he said in the fiscal year 2021-22 alone, the government on average lost Rs70 billion per month.
Addressing backlash regarding historic high petrol prices, the minister said that not in the “history of Pakistan any political government has provided even one-third of this relief in a single year.” Tarin mentioned that Prime Minister Imran Khan is exploring ways to address this issue.
“Even now the prime minister is keenly exploring options with me, on how to offset the higher prices despite a recent increase in salaries, and relief through Ehsaas Rashan [programme],” the minister wrote.