Subsidy on petrol, diesel caused losses of Rs67 bn, federal cabinet told

ISLAMABAD: The national exchequer suffered losses of Rs67 billion owing to subsidies on diesel and petrol, the first meeting of the federal cabinet headed by Prime Minister Shehbaz Sharif was briefed.

According to sources, the federal cabinet was briefed on economic conditions in the country after it met for the first time. “A Rs22 loss on petrol per litre and Rs52 loss on diesel per litre had to be bear by the national exchequer owing to subsidy,” they said.

It was briefed that the decline in prices of petrol and diesel was approved by the them prime minister Imran Khan while neglecting recommendations from the FBR and finance ministry.

The meeting was briefed that the GDP growth was left behind at 6.1 percent in 2017-18 and it remained at only 4 percent in 2021-22.

“The country is facing one of the biggest fiscal deficit of the history which stands at Rs5600 billion,” they said while citing the briefing to federal cabinet meeting headed by Shehbaz Sharif.

Fed Cabinet being briefed right now on the economic disaster & unprecedented, criminally irresponsible fiscal acts in last 4 years under IK. Inflation, poverty, unemployment, debt & deficits rose. GDP growth decreased. IK’s term was marred by corruption.Reality of Naya Pakistan! pic.twitter.com/1uc1ZGHLu7

— Marriyum Aurangzeb (@Marriyum_A) April 20, 2022