Business

Petrol Prices in Pakistan: Miftah Ismail, the Finance Minister, has ruled out a ‘immediate’ hike in gasoline prices

Petrol Prices in Pakistan: Miftah Ismail, the Finance Minister, has ruled out a ‘immediate’ hike in gasoline prices

Miftah Ismail, the Federal Minister of Finance and Revenue, declared on Monday that the price of petroleum products will not be increased “immediately,” refuting all assertions that the price spike in gasoline caused a surge in demand.

Ismail, speaking on Geo News’ “Capital Talk,” encouraged people not to panic and fill their gas tanks because prices will not be raised immediately.

It is worth noting that huge lines at fuel stations were seen in numerous Punjab cities due to a diesel scarcity.

Furthermore, gas stations in Punjab’s southern regions have ceased supplying diesel. According to the Petroleum Association, the firms have halted supplies in response to reports that the price of petroleum products will rise.

Meanwhile, authorities from the Kissan Ittehad have claimed that the wheat crop has been harmed owing to a lack of fuel.

The Oil and Gas Regulatory Authority (OGRA) official dismissed rumours of a possible price rise, saying that there is no scarcity of fuel or gasoline in the nation.

“Rumours are spreading in some regions,” the representative stated, “but OGRA is actively monitoring the situation.”

‘No plans to reverse SBP bill’

Any law that might jeopardise ties with the International Monetary Fund (IMF), according to the finance minister, would not be modified.

“The administration has no plans to repeal the State Bank (Amendment) Bill, 2021; but, when the IMF programme is concluded next year, the government will see,” Ismail added.

Defence Minister Khawaja Asif had stated that the legislation enacted by the previous administration to suit the IMF’s criteria were incorrect and should be withheld.

Miftah Ismail discusses the debate around Shehbaz’s pay increase announcement

Click to add a comment

Leave a Reply

Your email address will not be published.

More in Business

Cherry QQ Wujie Pro

Cherry QQ Wujie Pro has a range of 408 kilometres and costs 11,840 USD in China

Muhammad UsmanMay 22, 2022
Chery QQ Wujie Pro

The Chery QQ Wujie Pro is a low-cost electric vehicle with a range of over 400 kilometres

Muhammad UsmanMay 21, 2022
Car Financing

Car financing has increased by 25% as compared to previous year

Muhammad UsmanMay 20, 2022
Wells Fargo fake job interviews

Wells Fargo fake job interviews: Quest to Increase Diversity Leads to Fake Job Interviews

Muhammad UsmanMay 20, 2022
Mercedes-Benz 300 SLR Uhlenhaut Coupe

Mercedes-Benz 300 SLR Uhlenhaut Coupe: Is World’s Most Expensive Car At $143M

Muhammad UsmanMay 20, 2022
USD to PKR

USD to PKR – Dollar Rate in Pakistan | 20 May 2022

Muhammad UsmanMay 19, 2022
Today Gold Rate

Today Gold Rate in Pakistan | 20 May 2022

Muhammad UsmanMay 19, 2022
Honda Electric SUV

Honda Gives Us a First Look At Its First Electric SUV [Photos]

Muhammad UsmanMay 19, 2022
Gauss Auto Group

Gauss Auto Group to Open Dedicated Electric Vehicle Plant in Pakistan

Muhammad UsmanMay 19, 2022