People of Pakistan are in shock after back to back increase in petroleum prices up to 50.71 per cent by the government. The coalition government led by PML-N in a span of one week jacked up the prices of petroleum products first on May 26, 2022 and second on June 02, 2022. Petrol, which is the basic commodity for all the households, has been increased by Rs60 per liter to Rs209.86 from Rs149.86.
The fluctuation in oil prices directly impact the rates of essential commodities. Considering the sharp rise in petrol price the people will witness a storm of price hike of all the essential and non-essential items in coming days.
Besides, the rise in prices of gas and electricity also added the miseries to the people’s life. No one can image the quantum of inflationary pressure in coming days. But it is certain that it will play havoc.
The chairman of Pakistan Tehreek I Insaaf, Imran Khan, who was removed from the executive post of the prime minister on April 10, 2022 through a no-confidence motion, has lambasted the present government of squeezing people, who are already bearing the brunt of inflation.
“The PDM government has increased burden on public by Rs.900 billion and price hike in all of the basic necessities. Furthermore increase in electricity price to Rs.8 has shocked all people,” former Prime Minister Imran Khan said in a Tweet.
The former prime minister also said the inflation would reach to 75-year high after increasing by 30 per cent.
The scribe talked to many people about the inflation, it is consensus that massive price hike was imminent and it would create chaos and would lead to street crimes in the country.
The affordability issue will result in more poverty and people may start snatching even the eatables to feed their children. The rise in utility prices would also affect manufacturing and industrial activities. This will result in mass job cutting. This will also give a rise to street crimes.
After the first rise in petroleum prices on May 26, 2026, the inflation based on Sensitive Price Indicator (SPI) recorded a significant rise by 20 percent Year on Year (YoY) by week ended June 02. 2022. The prices of essential items will further inflate as the impact of second oil price hike will pass on to the consumers.
Fomrer Finance Minister Shaukat Tarin said: “I see inflation moving towards 25-30 per cent. PDM used to blame us for 12 per cent. They are crushing the poor people of this country. Should resign and call for fresh elections.”
(By Syed Hamza Shahnawaz: The writer is a student of Lower Cambridge at St. Patrick’s High School, Karachi. He is regular contributor at PkRevenue.com)