Pakistan became a fan of India’s strategy! Petroleum Minister told why oil is expensive here and cheap in India

Pakistan Praises India Oil Reserves: Due to the ongoing crisis in Iran, huge volatility is being seen in crude oil prices across the world. Meanwhile, Pakistan’s Petroleum Minister Ali Malik has wholeheartedly praised India’s economic strategy and fuel management.

Expressing surprise and appreciation, Malik said that despite global oil prices being at the highest level, India did not let the burden fall on its citizens. He compared this stability of India with the deepening fuel crisis of Pakistan.

India’s huge foreign exchange reserves

Minister Ali Malik told in an interview to a local news channel that India not only has huge foreign exchange reserves of $600 billion but has also maintained its strategic oil reserves well.

According to Malik, when global oil prices rose, India protected its citizens from inflation shocks by cutting taxes. They have enough ‘fiscal space’ to do so. Was present, which Pakistan does not have.

Pakistan’s dependence on IMF

The situation in Pakistan is just the opposite. Malik told that Pakistan international monetary fund Working under the strict conditions of (IMF). Pakistan had to conduct intensive backchannel negotiations with the IMF to control prices. Initially, it was mandatory to impose levy on fuel as per the agreement with the donors, but due to 3-4 times increase in diesel prices, the government was forced to change its strategy.

To provide relief to the public, the Government of Pakistan abolished the levy on diesel and shifted its burden to petrol and also implemented subsidy for motorcyclists.

What is the difference between India and Pakistan regarding fuel?

The difference between India and Pakistan in terms of fuel security is huge. Ali Malik admitted that Pakistan has only 5 to 7 days of commercial crude oil reserves and refined products can last only 20-21 days. Praising India, he said that we are not like India which has 60-70 days of strategic reserves and they can release it with just one signature.

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It is noteworthy that there were widespread protests in Pakistan against the rising prices of fuel. after which the Prime Minister Shahbaz Sharif had to withdraw the increase of Rs 80 per liter in petrol prices. Malik stressed that it was important for Pakistan to maintain the confidence of the IMF and convincing them through diplomatic channels to reduce the levy by Rs 80 was a major achievement, saving the country from economic ruin.