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Friday, June 7, 2024

Petrol pumps stop selling petrol as govt. fails to announce new price

Reports are emerging that petrol stations have also stopped selling petrol, sparking fears of a shortage.

Pakistan is heading towards a shortage of petrol as the incumbent government failed to announce the new petrol prices. Reports are emerging that petrol stations in many parts of Pakistan have stopped selling petrol.

According to the details, the petrol prices, which are revised fortnightly in Pakistan, have not been changed yet as Prime Minister Shehbaz Sharif is yet to give his directions. The Prime Minister was attending the Shanghai Cooperation Organisation’s (SCO) Council of Heads of State (CHS) summit and once he makes the final decision on the summary sent to him, only then will the new prices be issued.

The delay has reportedly discouraged petrol pump owners from purchasing petroleum products. Experts have predicted that this will lead to a scarcity of petrol.

Read more: Is the hike in petroleum products’ prices justified?

On the other hand, reports are emerging that petrol stations have also stopped selling petrol. Mir Mohammad AliKhan, founder of an investment bank on Wall Street and economic expert, revealed that petrol pumps have stopped selling petrol in many parts of Pakistan.

“Petrol pumps have stopped selling petrol in many parts of Pakistan because the government has failed to announce the new price,” he revealed on Twitter.

Pertinent to mention that the price of petrol was expected to drop from Rs235.98 per liter to Rs226.36 after a cut of Rs9.62 per liter for the next fortnight. But a slight increase of Rs3.04 per liter is likely in the price of diesel, increasing the rate up from Rs247.26 per liter to Rs250.30 for the said duration.

Criticism of the government

Due to its economic policies, the government has often been the target of much criticism by the public and its political rival PTI. Recently, PTI shared a comparison of Pakistan’s economic situation during its tenure with the current situation.

For the past few months, Pakistan has been witnessing a sharp increase in inflation. Before the full impact of the recent floods, Pakistan’s inflation had already hit a 47-year high. CPI inflation during the month of August 2022 was 27.3% up from 12.1% in January 2022.

Therefore, the incumbent government continues to face criticism. The public has even demanded that Finance Minister Miftah Ismail resign.

Read more: Miftah Ismail admits his mistakes