Petrol will be expensive, 120 billion relief package: PM

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Monitoring Desk Nov 03,2021

Prime Minister Imran Khan, while presenting a historic relief package worth Rs 120 billion with 30% subsidy on flour, pulses and ghee for 130 million people of the country, said that the subsidy will be for the next six months.

  • If the two big families bring back even half of the money looted in 30 years, I will halve the prices of food items. Inflation is international phenomenon. The government is doing its best to control inflation. In Pakistan, the inflation rate is only 9% as compared to 50% in inflation global level.
  • In the context of crude oil prices in the world market, petrol prices in the country will have to be increased otherwise our deficit will increase. Taxes will come down.
  • Gas problem is also likely to arise in winter. Pakistan is forced to increase the price of imported gas.
  • Profiteering sectors should increase the salaries of their employees. Under the Pakistan program, Rs. 1400 billion has been allocated under which 4 million families will be given interest free loans for construction of houses, farmers will get interest free loans up to Rs. 500,000, loans for business in urban areas. One person from each family will be made skilled, Rs 47 billion is being allocated for 6 million scholarships.

The Prime Minister hoped that the improvement of supply chain after winter would bring down the prices in the world which would have an impact on Pakistan as well.

Addressing the nation on Wednesday, Imran Khan said that he appealed to the builders and industrialists of the construction sector to include the workers in their profits and increase the salaries of the workers in the difficult times of inflation.

The country’s economic situation was very bad, the biggest deficit and debt in the history of Pakistan was found, foreign exchange reserves were almost non-existent and there was no money to repay the debt.

The Prime Minister said that during the Corona epidemic, we saved agriculture, construction and exports in particular, which resulted in an increase of 13.6 per cent in rice production, 8 per cent in maize, 22 per cent in sugarcane, 8 per cent in wheat and 81 per cent in cotton. As a result of which the farmers got an additional Rs 1100 billion. The conditions of the farmers improved. Record sales of tractors and motorcycles in the country, urea sales increased by 23%. He said that electricity consumption in the country increased by 13% while tax revenue increased by 37%. The Prime Minister admitted that there was a problem of inflation.

He asked the media to strike a balance and see that the reason for the rising inflation in the country is the rise in global prices. In a country like Turkey, the rate of inflation rose by 19% while its currency fell by 33%. The highest inflation in China since 2006, with the producer price index rising for the first time in 26 years in China and the highest in 50 years in Germany. The Prime Minister said that gas in the United States increased by 116% and Europe by 103% but the prices of gas imported to Pakistan increased. Oil prices rose 100% in three months while we increased it by 33%. Pakistan has the lowest price per liter among oil importing countries.

Flour prices in Pakistan are half that of the world.

Flour in India is Rs 83 per kg, in Bangladesh Rs 83 per kg while in Pakistan it is Rs 60 per kg. Pulses prices are also lower than the world. Congratulating the Ehsas team, the Prime Minister appealed to the media to tell the nation that difficult times are not only in Pakistan but all over the world, we have the special grace of Allah.