Petrol price hike: The runaway inflation

With no hopes of oil prices decreasing in the global market any time soon, rapidly depleting reserves, and social unrest in the country, the government had to drop the fuel bomb in order to meet the conditions set by the IMF. The unpopular petrol price hike has added to the miseries of the already inflation-hit masses that will push the country towards inexorable economic turmoil.

Read more: Imran Khan Final Ultimatum to Government | News Bulletin at 12 PM | Petrol Price Hike

Pakistan government on Thursday sharply brought the petrol price hike for consumers by Rs 30/liter leaving the already wide-eyed nation in agony. The people are already braving the runaway inflation and the increase in petrol prices along with a jump in power tariffs amid deepening economic turmoil has increased the cost of living for the common man. As NEPRA too approved a massive increase in the tariff of Rs7.9 per unit. The hefty hikes have made it back-breaking for the people to make their ends meet forcing the low-income groups towards corruption and crime.

Following the announcement by Miftah Ismail, the trade industry slammed the government’s bowing in front of IMF terming it as a calamitous step to intensify the woes of the public. The jump in the prices will also push up the costs of production and would remain unabsorbed by the industry. The cost escalation may end up skyrocketing the prices of daily commodities.

The government which has succeeded in delaying the announcement of further increase may announce the hike again very soon and if the international oil price increase then the electricity tariff would climb again and the strikes of it will be felt in the later months. There is no ambiguity that the high cost of petrol will disproportionally hit the urban lower and the middle-class households with an increase in costs of staples and transportation.

The extra burden on the people would take the country nowhere near stability and would further deepen the socio-economic crisis in the country of 22 million that is already enduring political instability and all-time high inflation. These are not the reforms that the incumbent government vowed before taking the steer of the country. The country and the people were in the need of reduced fuel prices, steeping inflation, improved governance, expenditures cut, and peace in essence.

Read more: Petrol Price Aftershocks | Senior Citizen broke down in Tears due to Inflation | Breaking News

Look at some of the tweets from the citizens below:

The people are in dire need of the state to think over relief packages to soften the impact of the ‘shock’ and to tackle the monster of runaway inflation triggered by the recent price hikes.