Miftah Ismail alleges ‘corruption’ behind petrol price hike

Former finance minister Miftah Ismail has made a startling claim regarding the recent increase in petrol prices, saying the decision raises suspicions of corruption.

Speaking on Aitraaz Hai on ARY News, Miftah Ismail said that stronger market monitoring could have prevented hoarding and price manipulation.

Ismail argued that increasing taxes would have been a better option than sharply raising the prices of petroleum products. He warned that making petrol and diesel Rs55 more expensive would trigger a significant surge in inflation across Pakistan.

Responding to a question during the programme, Miftah Ismail said the expected wave of inflation would place an even heavier burden on ordinary citizens.

If prices had to be increased, he added, the government should have absorbed the impact instead of shifting the entire burden onto the public.

The former minister further said he could not understand why petrol prices had been raised in such a manner, adding that the move gave him a “whiff of corruption”.

He alleged that it appeared as though the government had effectively presented a gift to Pakistan State Oil and other petroleum companies by raising fuel prices.

Ismail also maintained that fuel purchased at lower rates should have been sold at the same price, and that only when more expensive fuel was imported should the prices have been increased.