The government has suggested Pakistanis adopt austerity to face rising inflation after it increased petrol prices a third time in less than three weeks.

Defence Minister Khawaja Asif said this while addressing a press conference in Islamabad along with federal ministers Musadik Malik, Qamar uz Zaman Kaira and Maulana Asad on Thursday.

Iqbal urged people to cut down on their tea consumption to help reduce the import bill and to save depleting foreign exchange reserves.

Market timings were brought up during the press conference. Asif said markets close by 7pm across the world, therefore Pakistan should strive together to overcome the difficult situation.

He talked about government-owned entities that have been in the red for decades. “Either the companies should go towards privatization or they should be closed.”

Asif said the government intended to give the employees of these entities a handsome golden handshake so that they would be economically self-sufficient for their entire lives.

The PTI government left circular debt worth Rs1,400 billion in the gas sector and Rs1,100 billion in the electricity sector, said Musadik Malik.

Talking about the unprecedented rise in prices of fuel, Malik said: “The government is ready to commit political suicide to save the country.”