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Efforts Underway To Provide Cheap Fuel To Masses: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin on Thursday defended the government’s decision to hike the prices of petroleum products in the country and said that the government is looking for options to make up for the higher prices.

“Following the 166% increase in international petroleum prices since November 2020, the govt is continuously losing its revenue from sales tax [and] levy, just to protect common people from higher prices,” Tarin wrote on Twitter.

The government on Tuesday had dropped a major bombshell on the people by increasing the price of petrol by Rs12.03 per litre “due to an increase in the prices of crude oil in the international market.”

However, the Opposition leaders assailed the government for letting loose a torrent of inflation on people as the fuel prices whizzed past all records and the spending power of consumers received another blow.