ISLAMABAD, Pakistan: Criticising the federal government over a loan deal with the International Monetary Fund (IMF), Pakistan Peoples Party’s (PPP) leader, Senator Sherry Rehman questioned a surge in petrol prices and its implications on the economy.
“The government is introducing tax amnesty schemes for the rich and ‘inflationary packages’ for the poor. Even the ‘darkest dictatorial regimes’ did not hike the price of petrol during the month of Ramadhan, there would be relief packages for the people instead. There was never such a harrowing structural adjustment that would lead to the country being ‘nuked by a petrol bomb’,” she said. “The government has already been reduced to ribbon cutting while the International Monetary Fund (IMF) makes the policies.” She expressed these views while speaking on the floor of the House.
“Why have petrol prices gone up by 14%? Before May 1, the GST was 2% of the total petrol price, which was increased to a whopping 12% before Ramadhan,” Rehman questioned.
“This is the only Ramadhan package the government has given to its people. A horrifying third budget is on its way. We never know what federal levies or taxes the people would be slapped with overnight.”
She also expressed her concerns over a loan deal with the IMF. “The government is oblivious as to what the IMF is going to do. We are hearing that they will make the government impose further 12-15% taxes, increase the price of petrol and the dollar. As a result, the prices of commodities will sky-rocket.”
“The prime minister lacks the courage to face the House. Since assuming power, he has only been present in the parliament once. This government has taken loans of over Rs3 trillion in a span of nine months, contradicting all of its promises,” the Senator remarked.
“Petrol is the backbone of any economy. A surge in petrol prices impacts every sector and every commodity. In Pakistan, the biggest user of petrol is the transport sector that consumes 48% and the price of a 50kg bag of urea increased by Rs150. All will be hit hard by this petrol price bomb.” Transportation has become so expensive in Pakistan that food and public transport has come to a halt. In KP itself, the transport sector is warning of a wheel jam strike due to the increase in petrol prices,” Rehman added.
Senator Sherry Rehman, who is also the vice president of PPP, said during her party’s term, the global price of oil was $120 per barrel but the price of petrol was Rs63 per litre whereas the price of diesel was Rs44 per litre. “Today, the global oil price is $66 but the domestic price of petrol is Rs108 per litre and the price of diesel is Rs122 per litre, she said.
“We all resisted the conditions laid by the IMF and found better ways for bringing adjustments. Our government absorbed the shock instead of passing it on to the people.”
“It is very possible that if Iran is pushed further with sanctions, it would shut down the Strait of Hormuz, as the Revolutionary Guard said. Around 30% of the world’s oil passes through the Strait of Hormuz daily. Yesterday, the United States sent the USS Abraham Lincoln Carrier Strike Group to the Persian Gulf. If the US continues in this direction, oil prices will definitely go up further. With these international developments happening parallel to our own domestic economic issues, the government should inform us what course of action it was going to take,” Rehman concluded.
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