Finance Minister Miftah Ismail stated on Sunday that petrol product prices are expected to remain unchanged because Prime Minister Shehbaz Sharif is unwilling to burden the inflation-stricken masses any further.
The finance minister told a press conference in Islamabad that while the government may have to raise prices in the long run, there will be no price increases for petrol products for the time being.
Following the press conference, the minister took to Twitter to clarify that petrol prices will not be raised today. He did, however, add that “due to changing circumstances and international oil prices, we may have to reconsider our decision soon.”
According to the minister, Pakistan has asked the International Monetary Fund (IMF) to extend the bailout program for another year and increase the loan program’s size from $6 billion to $8 billion.
The IMF and Pakistani authorities are expected to hold talks next week, with a focus on petrol and electricity subsidies.
The withdrawal of the relief package announced by former Prime Minister Imran Khan is one of the key IMF demands. The former prime minister announced in the package that petrol prices would remain unchanged until June 2022.
The government currently provides a subsidy of about Rs. 31 per litre on petrol and Rs. 73 per litre on diesel, as well as a subsidy of Rs. 5 per unit on electricity.
To read our blog on “Subsidy on petrol is only for bikers, big car owners will pay full, Miftah,” click here.
