Miftah says fuel hike boosted oil firms at consumers' expense
“Miftah Ismail has attacked the recent fuel price hike, saying it created oversized gains for oil firms while hurting consumers.”
Key points
- Miftah Ismail has attacked the recent fuel price hike, saying it created oversized gains for oil firms while hurting consumers.
- His criticism has intensified the debate over rising energy costs and the government's pricing decisions.
Former finance minister Miftah Ismail has criticised the government's recent Rs55 per litre increase in petroleum prices, arguing that the move primarily benefited oil marketing companies rather than reflecting current import costs. He said the fuel being sold now had been bought earlier at lower rates, making the steep increase difficult to justify.
According to the report, Ismail said the decision effectively allowed oil firms to earn higher margins on existing inventory while placing a heavier burden on consumers. He compared the situation to earlier policy choices that, in his view, created windfall profits for businesses but eventually drove up prices for the public.
His remarks add to the growing political debate over the fuel hike and its inflationary fallout, especially as households and transport users face mounting pressure from broader regional instability and higher energy costs.
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