Petrol prices are expected to skyrocket as the new government plans to eliminate subsidies.

The general population is going to face a significant increase in fuel prices. Following the government shift, the Ministry of Finance is contemplating eliminating gasoline subsidies. Miftah Ismail, the Finance Minister, recently stated that the petrol subsidy permitted for May and June will cost Rs. 96 billion, which the government cannot afford.

The Oil and Gas Regulatory Authority (OGRA) suggested an increase in petrol and diesel prices of Rs. 21 per liter and Rs. 50 per liter, respectively, a week ago. Because of "political considerations," Prime Minister Shehbaz Sharif opted not to authorize the hike.

The petroleum division, on the other hand, is now considering overturning that ruling. According to a government source, the government intends to raise the price of petroleum goods on a regular basis until world prices fall significantly.

Miftah blamed the former administration for the impending price rises on fuel items. According to him,

“Imran Khan has thrown the Shehbaz Sharif-led administration into disarray by refusing to levy a tax on gasoline and fuel. Making gasoline inexpensive is not a favor; it is the nation's money that is being used to provide subsidies.”

He emphasized that gasoline subsidies had taken a large amount of money from the national budget. "There will be a resumption of the program." He went on to declare that the government will tighten its belt if necessary.

Fuel costs will skyrocket as a result of the planned price rises. This discovery has sent the general public and a number of businesses into a panic.

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