The simple question is when oil became cheap in the world market, why did the current Government make it expensive? Presumedly, the sole reason for the increase in petrol price is the opening of LC of PSO when the exchange rate was approximately 1 USD = 248 Rupees. This finance/petroleum ministry needed to feed the country’s industry with fuel and this panic buying will cause the nation the burden for the next 15 days.
We have not imposed even a single rupee of new tax on petroleum products. Prices that are higher or lower are only lower or higher according to PSO purchases.
Miftah Ismail, Finance Minister of Pakistan
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