To address the rising inflation in the country Prime Minister Imran Khan will announce a big package within two days, Shehbaz Gill told
- Inflation is on rise in the country.
- Main reason is highest petroleum prices in International market.
- Edible Oil Prices are also highest in the world.
- Govt is already providing huge relief on petrol.
- Now Government decided to provide a big relief to the people despite hard time allover the world.
- Nearly 50% of the population will get benefit from this package.
- PM will announce it in 2 days.
- PM will also address the nation about the current situation of the country.
Inflation in Pakistan
After the covid-19 pandemic when the world ease the lockdown and the economic activities revive, the consumption of goods increased very fast and this huge increase in demand led toward the increase in prices. If we see the prices in international market before and after the pandemic we will get an idea about it. Same is the case with Pakistan.
We all know Pakistan is an import based economy and when a country is so much dependent on imports then it is must that the price hike in international market leave affects on local market of the country. This is the main reason of inflation in Pakistan. Also an increase in import bill causing huge damage to the reserves of dollars.
Petroleum Price hike in International market
Almost 90% of the petroleum needs of the Pakistan are dependent on the import of oil. As Pakistan buys the crude oil from brent so thats why the government of Pakistan also decide the price of petrol according to it. But one thing you must know that the tax on oil is reduced to almost Rs. 5 which was Rs. 30 before 2018.
Here is a full chart of brent crude oil prices
PM Relief Package
After seeing all these condition of international market and the inflation in country the prime minister of Pakistan Imran Khan has decided to give a huge relief to the people in this hard times. During the covid-19 Imran Khan also announced a package called Ehsaas Program which was so successful and even the world bank included it in the top 5 relief programs offered by the Govts.
Fawad Ch told in a press conference about this new package. He said that the PM will announce it while addressing the nation. His address to the nation will be about the current economic situation of the country.