Former finance minister Miftah Ismail has criticized the recent increase in petroleum product prices, stating that the move effectively allows oil marketing companies to earn higher profits.

Commenting on the decision, Ismail said the petrol and diesel currently being sold by oil companies were purchased at lower prices before February 28. He argued that raising fuel prices at this point was unnecessary since the existing stock had already been acquired at cheaper rates.

According to him, the increase would enable oil companies to generate additional profits on previously imported fuel, while consumers would bear the burden of higher prices.

Ismail compared the situation to the government’s earlier decision to permit sugar exports. He said that while the policy boosted earnings for sugar mill owners, it ultimately resulted in higher prices and financial strain for the general public.

He warned that the latest fuel price hike could produce a similar outcome, benefiting companies while increasing the economic pressure on citizens.