No increase in petrol prices for now, says minister

Pakistan’s Finance Minister Miftah Ismail said on Sunday that the government was not increasing petrol prices “for now”, going back on an important precondition set by the International Monetary Fund (IMF) for the resumption of its loan programme, Dawn reported.

Ismail said he would talk to the IMF and find a solution, adding that Prime Minister Shehbaz Sharif “is not in favour of putting this burden [increased oil prices] on people.

“I had recommended him to increase (petrol) prices but he said people can’t bear it,” the finance minister said.

He, however, emphasised that petrol prices could be “adjusted anytime in the future” keeping in view international prices.

“I am not saying we will never increase the prices ... the point is, we are not increasing them today, but we can adjust them at any time in the future,” he told a press conference in Islamabad.

Right after his media briefing, the minister reiterated his message in a statement on Twitter, saying that the government would not raise petrol prices today. “But due to changing circumstances and international oil prices, we may have to revisit our decision soon.”

Despite not meeting an important ‘prior action’ conveyed to him by the IMF, the finance minister said the government would approach the Fund, hold talks and “conclude them positively”.

Criticising the PTI government, Ismail said it had “promised” the IMF in December that the primary deficit would be Rs25 billion and the total deficit would be around Rs4,000 billion.

“The primary deficit has increased from Rs25 billion to Rs1,320 billion,” he said, questioning how the new government could cut it down in a few months. — agencies