Former finance minister Miftah Ismail has criticized final week’s Rs. 55 per litre enhance in petroleum product costs, saying the transfer has solely elevated the earnings of oil advertising and marketing corporations on the expense of customers.
He mentioned that petrol and diesel at present being bought by oil corporations had been imported at decrease costs earlier than February 28. There was no justification for elevating gasoline costs at this stage.
He argued that the choice would enable oil corporations to earn larger margins on present shares bought at cheaper charges.
The previous finance minister added that the state of affairs was just like when the federal government permitted sugar mills to export sugar. Whereas that call elevated the earnings of mill homeowners, it in the end resulted in larger costs and losses for atypical customers.
The present gasoline worth hike would have the same affect, benefiting corporations whereas growing monetary stress on the general public, he added.