Petrol, super tax, power cut… like this the people of Pakistan are facing inflation

Pakistan News, Pakistan Petrol Price, Pakistan Diesel Price, Pakistan Kerosene Price- India TV
Image Source : AP FILE
Motorcyclists and vehicles stand in long queue for fuel in Islamabad, Pakistan.

Highlights

  • The price of petrol in Pakistan has gone up to Rs 234 per liter.
  • An order has been issued to close markets etc. in Karachi after 10 pm.
  • In Pakistan, now ‘super tax’ will be imposed on big industries at the rate of 10 percent.

Pakistan News: The government may have changed in Pakistan but there has been no change in the condition of the people there. The situation of inflation in the country during the regime of former Prime Minister Imran Khan, now the matter has become even worse than that. The price of petrol in Pakistan has gone up to Rs 234 a liter, and the people there are very angry with the government about this. The price of petrol in Pakistan never even reached near it. Due to rising inflation and declining income, the people of Pakistan are finding it difficult to buy even everyday things.

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Petrol prices have increased very fast

The rapid increase in the price of petrol in Pakistan is rarely seen. In the last week of May, the price of a liter of petrol in Pakistan was Rs 150, and by the end of the month its price was Rs 179.85 per litre. In the first week of June, the prices were increased again and the price of petrol was Rs 209.86 per liter and diesel to Rs 204.15 per liter. On June 16, the prices increased for the third time in 20 days and now petrol is being sold for Rs 234 a liter, diesel Rs 263.31 a liter and kerosene at Rs 211.43 a liter.

Troubled due to power cut

All the cities of Pakistan are facing huge power cuts for the last several months. In Karachi, the government had to even order closure of malls, marriage halls, markets etc. before 10 pm. Due to power cuts, the country’s industries and businesses have also been badly affected and due to low production, the inflation of many things has increased. On the other hand, due to continuous power cuts in the summer season, the condition of the people is also bad. The government of Pakistan is constantly fighting to deal with this crisis, but due to the Russo-Ukraine war, its energy needs are not being met.

Industry hit by super tax

Facing many economic challenges including cash crunch and unstable economy, now big industries in Pakistan will also be subjected to a ‘super tax’ at the rate of 10 percent. Pakistan Prime Minister Shahbaz Sharif on Friday announced the imposition of 10 per cent tax on industries like cement, steel and automobiles. He said that this step will help the country to face the rising inflation and cash crunch. Sharif had a meeting with his economic team on the budget for the fiscal year 2022-23 before imposing this tax.

Tax imposed on the rich of the country
The government of Pakistan has also imposed a one percent ‘poverty alleviation tax’ on individuals with an annual income of more than Rs 15 crore. At the same time, tax of 2 percent will be levied on income of 20 crores, 3 percent on income of 25 crores and 4 percent on income of 30 crores. In a video message issued to the country, the Prime Minister said, ‘Our first objective is to provide relief to the people and reduce the burden of inflation on the people and provide them facilities. Our second objective is to save the country from going ‘bankrupt’.

When will the Pakistani people get relief?

There is no hope of getting big relief for the people of Pakistan. In the coming few months, if Pakistan manages to get out of the gray list of FATF, then only its economy can be expected to improve. At present, Pakistan is so engulfed in debt that even the countries called its special ‘friends’ are thinking 10 times in giving money to it. All the experts in the economy are also avoiding being optimistic about Pakistan, although Shahbaz Sarkar is hopeful that the situation will improve in the coming days, and his country will be able to come out of the crisis.

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