Business

Petrol price in Pakistan: Miftah Ismail hints another increase in petroleum price

Petrol price in Pakistan: Miftah Ismail hints another increase in petroleum price

ISLAMABAD – Finance Minister Miftah Ismail indicated on Tuesday that the price of petroleum products in Pakistan would rise further following a tremendous spike of Rs60 in the previous ten days.

Ismail said in his talk to the one-day pre-budget business conference that if the government had followed ex-prime minister Imran Khan and former finance minister Shaukat Tarin’s contract with the International Monetary Fund (IMF), petrol would have cost Rs300 per litre.

“The previous government had agreed with the IMF that no subsidies would be given,” the finance minister added, criticising Khan’s government for mucking up the country’s economic policy.

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Furthermore, according to news reports that the government cannot simply withdraw subsidies without also imposing taxes on petroleum items.

“The IMF has requested that all subsidies for POL products be removed completely. When the subsidy ends, the government will be forced to pay taxes and a petroleum levy “According to the newspaper, a subsidy of Rs9.32 per litre on petrol and Rs23.05 per litre on diesel remains in place.

Furthermore, The News reports that the government cannot simply withdraw subsidies without also imposing taxes on petroleum items.

“The IMF has requested that all subsidies for POL products be removed completely. When the subsidy ends, the government will be forced to pay taxes and a petroleum levy “According to the newspaper, a subsidy of Rs9.32 per litre on petrol and Rs23.05 per litre on diesel remains in place.

The finance minister had ruled out the possibility of a financial emergency in the country the day before, after the government took steps to address the country’s ongoing economic turmoil.

Ismail stated in a tweet that the country was not in financial trouble because the price of fuel had been raised twice — to Rs209.86 — and that the price of other petroleum goods had also risen dramatically.

RELATED: Imran Khan ‘set a trap’ by lowering Petrol Prices: Shehbaz Sharif

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Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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