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Miftah Ismail Criticises Petrol Price Hike, Says It Benefits Oil Companies
Former finance minister Miftah Ismail criticises the petrol price hike, saying fuel currently being sold was bought at lower rates and the increase only boosts oil companies’ profits at the public’s expense.
ND
by News Desk
2026-03-09
Miftah Ismail Criticises Petrol Price Hike, Says It Benefits Oil Companies

Former federal finance minister Miftah Ismail has criticised the government’s recent decision to increase petroleum prices, saying the move primarily benefits oil companies while placing additional financial pressure on the public.

Speaking on the issue, Ismail argued that the petrol and diesel currently being sold in the market were purchased by oil companies at lower prices before February 28, making the latest increase unnecessary.

According to him, raising prices at this stage effectively increases the profit margins of oil companies, even though their existing stock was acquired at cheaper rates.

“There was no need to increase petroleum prices now and provide additional profits to the companies,” he said.

Ismail compared the decision to the government’s previous policy of allowing sugar exports, which he claimed benefited mill owners but negatively affected consumers.

He said the move was similar to allowing sugar mills to export sugar, a decision that increased profits for mill owners but resulted in higher prices and losses for the public.

The former finance minister stressed that economic decisions should prioritise public relief rather than corporate profits, particularly at a time when people are already facing rising living costs.

His comments come amid a recent increase in fuel prices across the country, which has sparked debate among economists and political leaders regarding its impact on inflation and household expenses.
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FuelPriceHike

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