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Finance Minister Miftah Ismail indicates further rise in fuel price

  • June 15 OGRA summary will call for more price increase to curtail national losses.
  • The federal government is still giving subsidy of Rs8, while bearing loss of Rs23 on diesel
  • We will take wheat and oil from Russia if they offer us on a discounted rate, says Miftah—————————————————————————————————-
    ISLAMABAD: Finance Minister Miftah Ismail on Friday indicated further rise in fuel price in coming days as he blamed former minister Shaukat Tareen for striking a bad agreement with the IMF in previous Pakistan Tehreek-e-Insaf government.

June 15 OGRA summary will call for more price increase to curtail national losses. As per the agreement the feul prices should have been increased two months back, had we not increased prices rupee would have devalued more in addition with inflation, he said.

“The federal government is still giving subsidy of Rs8, while bearing loss of Rs23 on diesel,” the finance minister informed. Ismail admitted that PTI government asked for chep feul from Russia three days before the no-confidence motion, however no response on that regard came from the Moscow.

“We will take wheat and oil from Russia if they offer us on a discounted rate. We are in negotiations with them,” he said.

The petrol price after increase stands now at Rs209.86.

New prices (per litre):

  • Petrol — Rs209.86
  • Diesel — Rs204.15
  • Light diesel — 178.31
  • Kerosene oil — Rs181.94

During the last eight days before, this so-called experienced government had massively increased petrol, diesel and other POL products’ prices by Rs 30, which was the biggest increase in the history of Pakistan.

In spite of big claims, the coalition government has utterly failed to manage to bring down the prices of essential commodities but raised prices of POL products’ rates and electricity.

Miftah asserted that the government is facing losses of Rs8 on light diesel, Rs9 on petrol, and Rs23 on high-speed diesel.”

He admitted that the poor would face the worst situation as a result of the petrol price hike, but noted that the rate of oil has also sky-rocketed in the international market.

In response to a question, he said he was optimistic about inking an agreement with the IMF in June, adding that the government will have to introduce some reforms to get the loan.

“The IMF wants to see our budget, so the reforms that we want to introduce will be introduced before the budget. However, we are speaking to the IMF on a daily basis,” he claimed.

Courtesy Bol News

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