Ministers of Petroleum and Energy lambasted Finance Minister Miftah Ismail after he recommended a further price hike in petroleum and electricity prices in the cabinet’s meeting on Tuesday.
According to sources, the Finance minister came under fire by Riaz Pirzada who criticized Miftah when he suggested a price hike in petroleum and electricity prices.
Prime Minister Shehbaz Sharif on Tuesday, summoned a meeting of the cabinet to discuss the post-budget scenario of the country where things went south really quickly.
‘The people are already too burdened with inflation, we should not hike the prices further,’ Riaz Prizada said to Miftah Ismail.
Multiple ministers reportedly suggested making adjustments in other fields than increasing the petroleum and electricity prices. Miftah dismissed the suggestion claiming other sectors are already suffering they cannot be adjusted to compensate for the petroleum and electricity prices.
The Prime Minister backed Miftah by saying that he does not want to increase the prices but they are compelled to do it. Only I can tell how difficult it is for me to increase the prices, the PM added.
Miftah clarified that the International Moentary Fund (IMF) would not sanction the $3 billion financial relief if we do not hikep petroleum and electricity prices.
