Daily Times

Federal Minister Shaukat Tareen has sounded the alarm once again. The common man better get ready to be pinched even harder as petrol prices are being said to soar even higher. So much for PM Imran Khan putting his foot down for the relief of his fellow countrymen!

Since we have already braved through a new record of all petroleum prices crossing an unbelievable high of Rs 100 per litre, there is no need to look for a queue of marching ants. Pakistan is in for an unbearably harsh winter.

As is the custom, the cabinet would offer a wide array of justifications for the price hike. The inflation in the global oil market would be talked about at great length and Islamabad would get in on the parcel game. In an attempt to woo the masses, the premier would claim to reject a much steeper Ogra recommendation and defend prices in Pakistan as still much cheaper than the rest of the world. However, all this has become a beaten path we are forced to tread on every now and then. How could anyone be convinced of these whys and wherefores when there seems no respite from a sustained financial onslaught?

Even if the dollar is well on its way to touch skies because of forward speculation, it is the government’s job to crack down on the mafia. Holding hands up in the air cannot, under any circumstances, be expected to gain a pat on the back for honesty. This steep jump is just the tip of the iceberg for any increase in fuel prices are bound to turbocharge headline inflation. How can PM Khan deliver on his promises of “mega relief” when these second-round hikes put enormous pressure on buying capacity? The cascading rise in prices of all products–shouldering on transport and utility costs–is a sticky wicket, no bouncer can perform on.

While the State Bank has not yet come up to its expectations, all eyes are still turning in its direction. The government is not ready to acknowledge the fact that we have not yet recovered from the pandemic losses. There is no telling how many small businesses have closed shop. And requests to reverse wage cuts across all sectors appear to fall on deaf ears. Instead of unleashing the bomb of indirect taxation–that would certainly hurt the poor far more excruciatingly than the wealthy and the mighty–why not come up with a more effective formula. Even if Mr Tareen is to be believed, the dollar train fast leaving our station is a problem SBP should have dealt with on an immediate basis. Why stand as a silent spectator allowing Rome to burn is a question lingering on every mind. *