KP Finance Adviser Aslam Criticizes Fuel Price Hike for Economic Recovery
In a significant economic critique, Khyber Pakhtunkhwa’s finance adviser Muzammil Aslam has sharply criticized the federal government’s decision to hike petroleum product prices. The recent rise in petrol and diesel rates to Rs321.17 per liter and Rs335.86 per liter, respectively, has caused widespread alarm.
Addressing the situation, Aslam warned that these price hikes will exacerbate existing poverty and unemployment issues. Pakistan currently grapples with a 45 percent national poverty rate and one of the highest unemployment rates in the past two decades. He emphasized that while economic recovery efforts have been ongoing, recent geopolitical uncertainties pose additional risks to this fragile progress.
Aslam’s comments came as the price of oil globally stands at approximately $80 per barrel. Concerning Pakistan’s reliance on imported fuel, Aslam questioned how the government will respond if international crude prices escalate further to nearly $120 per barrel. He expressed doubt over whether such a scenario would prompt another 500-rupee increase in petroleum product costs.
The federal government has announced an Rs55 per liter rise in petrol and diesel rates, which now puts these commodities at their current price points. Aslam’s critique underscores the deepening economic challenges faced by the nation, particularly when coupled with regional conflicts that threaten stability and economic resilience.