ISLAMABAD: The Ministry of Finance reported collecting over Rs3 trillion in taxes from mobile phone users over five years, with Rs3.38 trillion generated as cellular subscribers in Pakistan reached 193.1 million by August 2024.
Meanwhile, gas prices have witnessed an unprecedented 800 per cent jump within a mere span of four months as felt by the Pakistan Bureau of Statistics (PBS). The kind of observation drew attention during a session of the National Assembly, presided over by Deputy Speaker Ghulam Mustafa Shah, that also touched on the increase in food and energy prices.
PBS data has shown that, over the past five years, it has increased to 53.5 per cent for sugar, while palm oil has galloped by 61 per cent during the same period. Soybean oil, wheat, and crude oil increased by 35 per cent during this timeframe. The officials have linked it with utility tariff hikes in the current International Monetary Fund (IMF) program.
The government had by that time increased gas tariffs by 520 per cent in November 2023, then an additional 319 per cent increase was approved in February 2024. Similar to this, electricity prices witnessed a 35 per cent rise in November 2023, with another whopping hike of 75 per cent in February 2024.
Such sharp increases in the prices of electricity and gas have been stated as the major reasons for overall inflation, which adds extra pressure on families already feeling the heat of food inflation and stagnant salaries.
Unless structural reforms are undertaken to stabilize energy and tax inefficiencies, experts warn, inflation in Pakistan is bound to increase speedily, which will again punish the economy and living standards.
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