Habib university, Private university in Karachi, Pakistan

Islamabad [Pakistan], June 22 : As the Pakistan government decided to raise the price of petrol in the country amid the economic turmoil, the common people continue to face difficulties, the country's vernacular media reported.Pakistan Finance Minister Ishaq Dar announced earlier this month that the prices of petrol and diesel will remain unchanged in view of international rates.However, the vernacular media stated that the government can bring some respite to the public by reducing the prices if it wants to, but it seems it is in no mood to do so.There were expectations that after getting oil/petrol from Russia, people will get some relief from soaring petrol prices, the reports said, adding, however, that they were being denied any respite as the government has kept the petrol prices unchanged for the next 15 days.The vernacular media stated that the actual petrol rate is less than Rs 200 per litre and even if one includes all other taxes, the petrol cost will be around Rs 240 per litre. However, the government seems in no mood to cut down petrol prices, it added.Reports said consumers could have easily been passed on the relief of Rs 22 per litre even after taking into account local and global taxes, but the same has not been passed on to people."To add to our woes, Pakistani Rupee continues sliding down against the dollar and loans from global lending agencies are also nowhere in sight and it continues to be no easy task to get these foreign loans. That is perhaps the reason that the finance minister has now taken a tough stand vis a vis IMF and has almost admitted that things are not getting settled with the IMF," a media report stated.This is one possible reason why the Pakistan government retained the petrol prices in the country, so as to boost its exchequer, a report said, adding that it is, however, not being mindful of how this affects the life of a common man.How, at a time when the country is headed for an election, the leaders face a dilemma, especially if people starts questioning people on the issue of price rise, vernacular media reported.Notably, Pakistan's IMF programme expires this month, with over USD 2.5 billion in funding yet to be released as the country seeks to reach an agreement with the lender while dealing with record inflation, fiscal imbalances, and low reserves.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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