International petroleum prices have risen 166% since November 2020

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According to the Minister of Finance, international prices of petroleum have increased by 166% since November 2020, so far in 2022 the government has incurred an average monthly deficit of Rs 70 billion, sales tax and levy. The loss for the whole year was Rs. 840 billion. According to details, Federal Minister for Finance Shaukat Tareen, while responding to the criticism after the increase in the prices of petroleum products, said that the global prices of petroleum have increased by 166% since November 2020.

The government is running a continuous revenue deficit from sales tax and levy to save the people from rising prices. The finance minister said that so far in 2022, the government had to bear an average monthly deficit of Rs 70 billion.

A total loss of Rs. 840 billion was incurred during the whole year in terms of sales tax and levy. No political government in the history of the country has given even one third of this relief to the people in one year.

Shaukat Tareen said that Prime Minister Imran Khan is still considering various options with me. It is to be noted that the Finance Minister while talking to private TV channel ARY News said that they will not impose full burden on the people, will increase the influx of lower middle class celery class, are introducing schemes for small vehicles and motorcyclists. The Prime Minister will announce the program soon.

The Finance Minister further said that inflation will start declining in 6 to 8 months. It may be recalled that from February 16, according to the government decision, the price of petrol has been fixed at Rs 12.03 per liter, high speed diesel at Rs 9.53 per liter, kerosene at Rs 10.08 per liter and light speed diesel at Rs 9 per liter. Rs 43 paise was added. The new price of petrol was fixed at Rs 159.86 per liter, light speed diesel at Rs 123.97 per liter, high speed diesel at Rs 154.15 per liter and kerosene at Rs 126.56 per liter.

Location: Pakistan

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