Miftah Ismail complains about fuel subsidy burden; Hammad Azhar presents solution
Miftah Ismail complained of the financial burden on the national exchequer in the shape of fuel subsidy in every press conference, whereas, Hammad Azhar presented a solution.
ISLAMABAD: Finance Minister Miftah Ismail has kept sounding off against the financial burden on the national exchequer in the shape of fuel subsidy in every press conference, whereas, former energy minister Hammad Azhar presented a solution.
In a press conference yesterday, Miftah Ismail censured the previous Pakistan Tehreek-e-Insaf (PTI) government for disastrous policies regarding the fuel subsidy. He blamed the former PTI government to increase the financial burden on the national exchequer via hefty fuel subsidies.
The finance minister claimed that the government is facing a huge loss of Rs70 per litre on diesel nowadays due to the policies of the PTI government, whereas, the diesel price would be hiked up to Rs150 in accordance with the promises made by the previous government to the International Monetary Fund (IMF).
The real story behind Ismail’s outcry is a policy shift by the present Pakistan Muslim League Nawaz (PML-N) government instead of continuing the plan of the previous government.
In March 2022, the former PTI government gave a Rs38 billion subsidy on fuel, whereas, it planned to purchase oil from Russia at 30 per cent less price as compared to the global market. It may be noted here that India is already purchasing oil from Russia at a lower price as it bore the pressure of Western countries and refused to stop the oil purchases.
Before IMF talks, Miftah Ismail hints at ending PTI’s financial relief package
The neighbouring country’s government asked the West to initiate the purchases of oil from European states as it buy a huge amount of oil stock from Russia in only one day which is almost sufficient for India for the one month.
On the other hand, former prime minister Imran Khan’s decision for oil purchases from Russia was subjugated and a regime change plan was succeeded in the country by the then opposition. The present government did not pursue the former PTI government’s policy nor made any progress on the deal.
The PTI leader and former energy minister Hammad Azhar presented a solution to reduce the burden on the national treasury, saying that the PTI government had initiated talks with Russia for low-cost oil stocks. He said that Pakistan would not give any fuel subsidy if it purchases oil from Russia at 30% less price.
Azhar also asked the finance minister to elaborate on the PML-N government’s plan for stabilising the rupee against the US dollar. He added that the federal government should decide on increasing the fuel price if it is needed instead of creating confusion. Azhar reminded that the former PM vowed not to increase the fuel price till June.
The former energy minister criticised that the present government created an artificial power and diesel crisis in the country and its economic policies are directionless, whereas, the inflation has risen above 13%.
He also clarified that the PTI government did not give any authority to the IMF to fix the prices of petroleum products. He suggested the PML-N government immediately go to the fresh elections if it fails to handle the issues.
