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.