No intention to raise petroleum prices, says Miftah Ismail

Says will take up petrol-subsidy issue with IMF officials

By: News Desk
Published: 03:44 PM, 15 May, 2022
No intention to raise petroleum prices, says Miftah Ismail
Caption: TV grab.
Stay tuned with 24 News HD Android App
Get it on Google Play

Federal Finance Minister Miftah Ismail has announced that the government has no intention to raise the prices of petroleum products despite an Ogra recommendation for a hefty hike in the rates, reported 24NewsHD TV channel.

Addressing a news conference in Islamabad on Sunday, Miftah declared that the government was aware of the inflation and that was why it would not add to the masses’ burden.

The minister said he has forwarded a summary to Prime Minister Shehbaz Sharif in this regard. “Although the prime minister is not in the country, I am sure that the prices will not be increased for now,” he said, adding "We are not increasing prices. Please do not go out in this heat to get your tanks filled."

The minister, however, made it clear that a price hike in the future is likely if oil prices in the international market stay on the current trajectory. “I am not saying we will not increase petroleum prices. But, for now, we are not increasing the rates. We cannot afford to burden the masses further. PM Shehbaz has asked me not to increase the prices,” he said.

The finance minister said he would be part of the delegation going to Qatar for talks with the International Monetary Fund (IMF), and hoped the talks would be fruitful for the country. He said they will also take up the petrol-subsidy issue with the IMF.

Miftah said they have made talks to Saudi Arabia for more deposits in Pakistan’s State Bank to give strength to the national reserves and economy.

He alleged that the previous government of Pakistan Tehreek-e-Insaf (PTI) has not paid any attention to the agriculture sector and many people were involved in the smuggling of fertilizers.

The finance minister said the cotton production was declined and wheat and fertilizers smuggled into Afghanistan under the previous government of Imran Khan.

Finance Minister Miftah said his government will import edible oil worth Rs4 billion, adding that they will export wheat this year again.

Miftah announced that the government is subsidizing sugar and ghee and he has given orders to provide it at more cheap prices.

He said the country will not be able to move forward if it cannot fix agriculture. He said PTI Chairman Imran Khan has heated up the market of lies in Pakistan.