Finance Minister Muftah Ismail has said that prices of petroleum products will be reduced today (Thursday) and the International Monetary Fund (IMF) has no objection to it.
The Pakistani authorities and the IMF finally reached a staff-level agreement over the release of $1.17 billion to support the country’s fragile economy, the international money lender revealed Thursday morning.
Talking to the media in Islamabad, Miftah said that the government will reduce petrol prices immediately instead of waiting till July 15 as Prime Minister Shehbaz Sharif wanted to give relief to the people.
He said that the finance ministry has received a summary from the Oil and Gas Regulatory Authority (OGRA) recommending a cut in prices and the Fund has no objection to it.
Congratulating the nation on reaching an agreement with the IMF, Miftah said that the nation stood by PM Shehbaz Sharif in difficult decisions.
“Nations see difficult times and the Pakistani nation understands the situation during crises but now the time to give relief to the nation after difficult times has come,” the minister said.
In line with the directives of Prime Minister Shehbaz to reduce the prices of petroleum products, the finance ministry has started deliberations after receiving the summary from Ogra.
According to details, the ministry has worked out the reduction in Mogas (petrol) price by Rs15 per litre and diesel by Rs33.99 per litre.
The new price of petrol has been proposed at Rs219.70 per litre after jacking up the petroleum levy (PL) byRs5 per litre to Rs15 per litre, from Rs10 per litre, and diesel Rs241.30 per litre after increasing the petroleum levy to Rs10 per litre from the existing Rs5 per litre.