ISLAMABAD, Pakistan: The Federal Minister for Finance Shaukat Tarin has said that petroleum prices in Pakistan are the lowest in the region.
From October 1, 2021 onward for the next fortnight, the government increased the price of petrol by Rs 4 per litre, high-speed diesel by Rs 2 per litre, light diesel oil Rs 8.82 per litre, and kerosene oil by Rs 7.05.
Currently, the government is charging Rs 5.62 petroleum levy and Rs 8.15 sales tax on petrol.
Talking to media in Islamabad on Friday, the finance minister said that Pakistan stands at 17th position in respect of oil prices in the world, and the Countries where prices are lower than Pakistan themselves produce oil.
The finance minister said that the increase in petroleum prices is caused by the higher oil prices in the international market.
Shaukat Tarin said that the government passed on a minimum increase in the prices to the consumers. He said that the government absorbed the pressure of a hike in prices in the international market by bearing the burden of Rs 2 billion. However, he added that Pakistan is also impacted by the global oil price hike because of COVID-19.
The minister said that the entire world has witnessed food inflation due to COVID-19, and being a food importer, Pakistan also had to face this impact.
However, he said that the government is taking steps to bring down the prices of essential items.
The minister said that direct subsidy will be provided to the deserving people on essential items like flour, ghee, sugar, and pulses. He said that agriculture is also being focused to grow food items locally to meet the demands.
Shaukat Tarin further said that the federal government would soon launch Kamyab Pakistan Program in line with Prime Minister Imran Khan’s vision to make Pakistan a welfare state.
The finance minister said that under the Kamyab Pakistan Program, interest-free loans will be provided to farmers and urban citizens, a member of each deserving family will be provided skills, and Sehat Cards will be provided across the Country.