According to Miftah Ismail, the IMF has no objections to Cut Down Petrol & other Petroleum Products.
ISLAMABAD: In order to provide immediate relief to people affected by inflation, Finance Minister MIftah Ismail confirmed on Thursday that the government will not wait until July 15 to reduce the price of petroleum products.
Miftah Ismail told reporters, “The prices of petroleum products will be reduced today” (Thursday). PM wanted to provide immediate relief to the people.”
He confirmed receiving a summary from the Oil and Gas Regulatory Authority (Ogra) recommending a price reduction.
He praised the nation for standing by Prime Minister Shahbaz Sharif while he made difficult decisions. The finance minister stated that the nation is aware of the country’s crisis.
He also congratulated the country on its staff-level agreement with the IMF, saying that the difficult period had passed and that the time had come to provide relief to the people.
He added that the IMF has no objections to lowering the prices of petroleum products.
“We made a good deal with the IMF under Prime Minister Shahbaz Sharif’s leadership,” MIftah Ismail said. Criticizing the previous administration, the finance minister stated that the IMF found Pakistan had huge budget deficits due to late actions the previous year.
Last year, the IMF also highlighted mismanagement in the power sector, he said, adding that the circular debt had risen to Rs800 billion due to late actions.
“We will work hard and collect more taxes,” the minister promised, adding that the government is dedicated to making people’s lives easier.
Despite the enormous economic difficulties, the incumbent government presented a budget that was favourable to the public, he added.
The finance minister highlighted the accomplishments of his administration and mentioned how the IMF praised their “Sasta Petrol and Diesel” programme.
In response to a query regarding the staff-level agreement with the IMF, he stated that the agreement will make life easier for people. The agreement opens the door for lower petroleum and other commodity prices.
They were able to protect the populace and the nation from the negative effects of the landmines planted by Imran Khan thanks to their efforts over the past three months and the PM’s leadership, claimed Miftah.
In January and February, he charged Imran Khan with violating an agreement with the IMF. The finance minister claimed that he attempted to turn Pakistan into Sri Lanka, but that Allah, the Almighty, intervened to save the nation.
“He added that Imran Khan’s attempt to bankrupt Pakistan had failed.”
How much Price Cut Down Petrol Possible?
The Finance Ministry has begun its deliberations in accordance with Prime Minister Shahbaz Sharif’s orders to lower the prices of petroleum products after receiving the Ogra summary.
Details indicate that the ministry has determined a price reduction for Mogas (Petrol) of Rs. 15 per litre and for diesel of Rs. 33.99 per litre.
The proposed new price for gasoline is Rs219.70 per litre after the petroleum levy (PL) is increased by Rs5 per litre to Rs15 per litre from Rs10 per litre, and the proposed new price for diesel is Rs241.30 per litre after the petroleum levy is increased to Rs10 per litre from the existing Rs5 per litre.