Shaukat Tarin says its time govt passed on global inflation effects to people

ISLAMABAD: Finance advisor and ex-federal minister Shaukat Tarin said Wednesday that the incumbent government has been slashing levies on petrol to minimize the effects on the people but its time the people braced themselves for further hikes, ARY News reported.

While talking to ARY News program Off The Record, the ex-finance minister said products are getting pricey globally and the government cannot help but pass on the influence to the people of this inflation.

We have been cutting back on our tax revenues for the past six months, he said. We incurred the loss of Rs450 billion by slashing the petrol levy from Rs5.5 to what used to be Rs30.

But now we must channel the direct effects to the public as well, Shaukat Tarin said. If crude oil prices come down in the days to come, we shall bring down the prices here as well, he said. “It’s our constraint to do so for we import the oil.”

Petrol, gas prices will likely go up again, PM says during national address

Earlier today, Prime Minister Imran Khan said while addressing the nation to announce the ‘biggest’ relief package that the prices of petrol and gas will likely go up again owing to an international crisis.

The gas prices in Europe have increased 300 per cent, the premier said adding that Pakistan is an importer of gas and crude oil which is why the prices here soar as well.

Sugar price increase hits Pakistani people as hard as Rs10/kg

Even the air frieghts have surged 350 per cent, he said. The Premier further added that the international fuel prices have gone up about 100 pc but in Pakistan these were only hiked 33 pc.