Miftah Ismail again says no hike in petroleum prices

Finance Minister Miftah Ismail has once again said the government doesn't plan to increase the prices of petroleum products. However, the minister hinted at an increase in the State Bank of Pakistan's (SBP) interest rate.

Speaking during a media talk at the Karachi airport on Monday, Miftah said that former finance minister Shaukat Tarin had promised the International Monetary Fund (IMF) that the then government will not offer subsidies on petroleum products, instead, it will impose Rs30 tax per litre. He said this promise was made over a written agreement.

Miftah said that the subsidy on fuel has to be abolished and tax of Rs30 per litre has to be levied as per the promise made by Imran Khan and Tarin. "We have to pay the price of the promises made by the former government," he lamented, adding that the government will have to increase the price of diesel by Rs150 following the formula of Imran and Tarin.