Shibli Faraz advises masses to 'limit use of petrol' amid price hike

ISLAMABAD: A day after the government dropped a major bombshell on the people by increasing petrol prices by Rs12.03 per litre, Science and Technology Minister Senator Shibli Faraz advised the masses Wednesday to "limit" the use of the petroleum products to avoid the impact of high fuel prices.

Talking to journalists outside the Parliament House, Shibli Faraz asked the people to "limit" the use of fuel as Pakistan is not a oil-producing country. Backing the government’s decision, the minister said that the oil prices have surged to $95 per barrel in the international market.

“Life can remain normal in a difficult time. The government cannot provide subsidy on all things,” he said, adding that provision of subsidy on food items was their priority.

He maintained that the COVID-19 outbreak affected the entire world and Pakistan, like all other countries, has to "adjust" to the new reality.

Petrol price increases in Pakistan by Rs12.03

On February 15, the government had increased the price of petrol by Rs12.03 per litre due to an increase in the prices of crude oil in the international market.

“The prices of petroleum products are showing a drastic increase in the international market and presently are at the highest level since 2014. Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products' prices on January 31, 2022, and advised against the summary of OGRA,” the finance division had said  in a statement.

The finance division had stated that the government had also levied 0% sales tax and reduced the levy to provide “relief” to the consumers against budgeted.

The finance division had said that the “relief” had led the government to bear a revenue loss of around Rs 35 billion fortnightly.

“In the fortnightly review of Petroleum Products' prices, the prime minister has considered the recommendation to increase the prices of petroleum products in line with a change in the international oil prices. Despite the increase in the prices of petroleum products, petroleum levy and sales tax have been kept to the minimum,” the notification had said.