LAHORE : Punjab Finance Minister Mujtaba Shuja-ur-Rehman has warned the public that if they do not support the government’s austerity campaign, the price of petrol may be forced to increase by up to Rs 500 per liter.
Addressing industrialists at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the provincial minister cautioned that without a reduction in the consumption of petroleum products and active public cooperation, such a steep hike could become unavoidable.
He revealed that the government had kept institutions closed for three days to save petrol. However, during this period, petrol consumption did not decrease. Instead, an increase of 7 to 10 percent was recorded. He said the continuous rise in consumption is increasing the burden on the national exchequer, which may necessitate tough decisions to reduce.
The Finance Minister announced that the Punjab government is now introducing the trend of electric vehicles (EVs) at the official level to reduce dependence on petrol. The move is aimed at bringing about a significant reduction in fuel costs.
Addressing the event, Regional Chairman FPCCI Zaki Ijaz demanded that loans be provided at zero mark-up (interest-free) for the next five years to promote electric vehicles.
Meanwhile, business leaders complained that restrictions on day-to-day business activities and changes in working hours were reducing tax revenue, which was hurting the country’s economy.
The provincial minister assured the industrialists that the government would consider their concerns, but stressed that in the current economic situation, energy conservation was the only way out.
