Most of the petrol pumps in the cities of Punjab remained closed on Tuesday due to which the commuters in search of fuel faced severe difficulties. However, Minister of State for Petroleum Musadik Malik rejected the reports that there is a shortage of fuel in the country.
Despite the painful increase in the price of petrol and diesel by Rs 35 per litre, consumers are facing problems due to limited supply of the commodity. The country faced the same situation earlier this month before the price hike.
The government on January 29 hiked the prices of petrol and diesel by Rs 35 per liter after a historic fall in the value of the rupee against the dollar.
The local currency fell to historic lows against the dollar following the removal of an unofficial cap on the greenback.
Among the cities in the province where consumers faced problems were Faisalabad, Gujranwala, Sargodha, Shakargarh, Khushab, Mandi Bahauddin and Gujra.
Long queues of vehicles formed at the filling stations.
Owners of petrol pumps have reportedly started rationing the commodity as only Rs 200 worth of petrol is being provided to motorcyclists and not more than Rs 500 to big vehicles.
However, the Minister of State for Petroleum warned against stockpiling as fuel supplies are already on the brink. The minister said that hoarders should be prepared for cancellation of their licences.
Malik told JEE News that the price of petrol in the country is 20 days and the price of diesel is 25 days. He also asked the people to identify the pumps supplying limited petrol for profit.
Malik asserted that there is no shortage of petrol in the country. He also clarified that the prices of petroleum products will not be increased before February 15.
Miftah predicted tough conditions.
Former finance minister Miftah Ismail has predicted that even if the government manages to secure an International Monetary Fund (IMF) bailout program, things will “remain tight” on the economic front.
Pakistan – with a $350 billion economy – is seeking a critical $1.1 billion tranche from the IMF to avoid default.
“Things will be tight for a while but we can get enough loans now that we will have some space,” Miftah told JEE News, on Sunday.
His answer came to the question: “If we secure the IMF tranche, will the $1.1 billion be enough to meet the economic challenges? Also, if we get some more money from bilateral donors.” Add to that, which is awaiting IMF approval, our reserves will continue to dwindle due to external payments, so what is the solution?
However, the PML-N leader said that “we have to find a way for more exports” for the future.
Pakistan is heading for a crisis amid a dollar shortage and soaring inflation, with reserves falling to a nine-year low.
Finance Minister Ishaq Dar faces a difficult task in convincing the IMF that the country is ready to implement other tough measures, including hikes in taxes and gas prices.
