Petrol prices have recently seen a massive increase in Pakistan, The government has said that the continuous depreciation of rupee against the US dollar and increase in the petrol prices in the international market has led to an increase in the prices of petroleum products in the domestic market.
PoL prices are still low in the region
We have been hearing from the ministers of the cabinet and Prime Minister Imran Khan himself that petrol prices are still lowest in the region. but here question is that why the other indicators like inflation, unemployment, purchasing power, per capita income and others are neglected while comparing the PoL prices with other countries of the region? sadly Pakistan is behind China, India, Sri Lanka, Bangladesh and other countries of the world in terms of per capita income, purchasing power, employment and inflation rate.
Finance ministry’s narrative
A spokesman of the Finance Ministry following an increase in the petroleum prices claimed on Saturday that the government has passed on only eight percent increase in petroleum prices to the domestic consumers against 10 to 15 percent increase in the international market.
The government raises prices on the recommendations of the Oil and Gas Regulatory Authority (OGRA) and termed the reports as baseless that the government has increased the price by Rs10.50 against the recommendation of Rs5 increase, the ministry added.
We are collecting only Rs2.62 petroleum levy on kerosene oil, Rs5.62 on petroleum products, and 20 paisa on high-speed diesel and light-speed diesel in view of the prices of petroleum products in the global market instead of Rs30 petroleum levy.
Per capita income of Pakistan as compared with region’s other countries
According to the World Bank’s report of 2020, per capita income of people in Pakistan was $1,193.7.Bangladesh, $ 1,968.8, China, $10,500.4, Bhutan, $3,122.4, India, $1,900.7, Sri Lanka, $3,682.0.
Inflation rate in Pakistan, other countries of the region
According to the world bank’s report of 2020, Pakistan’s inflation rate was recorded at 9.7per cent, however, it is now increasing in the country with every passing day according to the latest reports of SPI. Bangladesh, 5.7 per cent, Bhutan, 5.6 percent, China, 2.4%, India, 6.6 per cent and Sri Lanka, 6.2 per cent,
This was the only thing in Pakistan that was the lowest in the region according to World Bank’s report of 2020, the country’s unemployment rate is 4.7 per cent, Bangladesh,5.3 per cent, China, 5.0 per cent, India, 7.1 per cent, Sri Lanka, 4.8 per cent.
There is no doubt that the prices are increasing internationally, but the ministers should and PM Khan sahab himself should tell people about the other indicators while comparing the prices of petroleum products with the countries of the region.