Mian Misbah-ur-Rehman, Federal Minister for Commerce and Industries, has argued in favour of the price hike of petroleum products and defended the government’s stance on increasing the price.
Both the previous and current governments have received harsh criticism from local commuters and transporters over the price increase of petroleum products.
After much commotion, the Supreme Court took action on the matter, and the caretaker government decreased the prices in July 2018. However, according to many industry analysts, the authorities will increase the rates again in August 2018. The Caretaker Federal Minister for Commerce and Industries, while speaking at Lahore Chamber of Commerce and Industries (LCCI) regarding the issue of oil prices hike said that, they are facing international pressure, as the rupee is depreciating and the prices of crude oil are increasing globally, so we had no choice but to increase the prices.
“We had two options – whether to pass on the impact of global oil price hike to consumers or not. We chose to increase the petroleum prices as it was necessary,” the minister further asserted.
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He said that the actions taken by the caretaker government would favour the future government, as the newly elected government will have no choice but to increase the prices.
Moreover, the minister also voiced that only blaming the interim government for rupee depreciation is not justified, however, still, we take the responsibility. It should have been done gradually in the last 5-years, he further said.
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