Former finance minister Miftah Ismail called out the ruling coalition for back-to-back petroleum levy hikes, blaming the government for burdening citizens with a “mini-budget” and failing to pass on the benefit of falling global oil prices. He accused the government of abandoning basic economic practice, saying fuel prices should reflect global market changes — increasing when international rates rise and decreasing when they fall — a balance he claims is no longer being maintained. In a strongly worded post on X, Ismail revealed that the government raised the petroleum levy by Rs10 per litre in March and another Rs10 in April, bringing the total levy to Rs80 per litre. He estimated the move adds Rs34 billion in monthly tax revenue. “In these two months, the government has raised taxes by Rs34 billion per month instead of giving the benefit to the people,” he stated, arguing that petrol prices should drop when international oil prices fall. Ismail dismissed official claims that the levy hike would fund development in Balochistan. “Money is fungible… No new projects for Balochistan have been approved,” he said, alleging that the funds would go to general government expenditures instead. He also accused the government of making commitments to the International Monetary Fund (IMF) to maintain high fuel prices and continue increasing levies. “This is a mini-budget,” he declared. The criticism follows Prime Minister Shehbaz Sharif’s announcement that savings from falling oil prices would be redirected toward dualising the N-25 Highway (Chaman–Quetta–Kalat–Khuzdar–Karachi route) and completing Phase 2 of the Kachhi Canal project to irrigate land in Balochistan.
from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/3ronMJ4
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