Making a new record, the ruling Pakistan Tehreek-e-Insaaf (PTI) increased petroleum prices by up to Rs8.14 per litre with immediate effect to ensure revival of the International Monetary Fund (IMF) programme.
In news that surprised no one, the Pakistan Bureau of Statistics said inflation continues to rise, standing at 9.2% in October. It also went against Shaukat Tarin and Asad Umar’s prediction last week that inflation numbers would show a downward trend from September.
The PTI-led federal government wants to take steps to curb inflation, but constantly blames the international market for the increase. We have been waiting for 3 years for the government to reduce the prices of electricity and petrol. The biggest reason for rising inflation is the continuous increase in petrol and electricity prices.
Pakistan’s oil purchases from abroad weigh heavily on its total import bill. An increase in global oil prices not only leads to inflation but also puts downward pressure on exchange rate, making imports more expensive, thus causing a trade deficit.
If the government wants to curb the rising inflation, it needs to ensure that petrol and electricity are used as needed, but this is not done. Prime Minister Imran Khan’s cabinet as well as government agencies are ruthlessly wasting petrol in the name of security protocol. Every minister, governor or government official is accompanied by a caravan of petrol wasters.
When it comes to the security situation in the country, the law and order situation is admirable compared to the past. There is no longer a period of strikes, no fear of al-Qaeda, no bombings, but still our government representatives and agencies walk around with the same heavy security protocol.
On top of that, the nation, which does not have enough funds to stabilize the economy and solve problems, is brutally increasing its imports. We are importing goods that do not create political pressure, i.e. wheat that we grow ourselves. We import wheat because of the fear of shortage. But no calculation is made for its distribution, storage and growth.
Therefore, the prediction is that the government will one day import wheat, sugar and pulses and then the same items will either be exported or sold across the border in Afghanistan as has been the case in the past.
There is a shortage of electricity across the country and despite this, electric vehicles are being imported and duties are being removed. Similarly, the number of vehicles in Pakistan is increasing with each passing day and the reason for this increase is the poor public transport system.
Instead of improving the transport system, the government is forcing people to buy more motorbikes and cars, but it is not thought that the vehicles, people are buying, run on petrol. Due to the increase in the use of petrol, our import bill continues to rise.
PM’s Adviser told Imran Khan that the price of oil in the international market is increasing. Because of this, we have to increase the price. When the international market reached its peak at $85.41, the government increased the petrol prices to Rs 137.79 per liter.
Today, the international market is under pressure and prices have fallen by 7%. The price of oil is $79.35, but instead of reducing the price, the government increased it by 5% and brought it to Rs. 145.89 per liter, which is an injustice to the poor.
Instead of unjustifiably raising petrol prices, if the government had reduced the prices of petroleum products by 7% in view of the current situation in the international market, the people might have hoped that the government is seriously committed to reducing inflation and stabilizing the economy.
The government that justifies inflation talks about other countries but does not look at the situation of its own country, what is the situation of the poor and middle class here. After such inflation, people might take to the streets and go on strike against this government.
