Finance minister rules out immediate hike in fuel prices

Federal Minister for Finance and Revenue Miftah Ismail said that the prices of petroleum products would not be increased immediately, ARY News reported.

The statement from the finance minister comes after a fuel shortage was reported in several parts of the country.

“No chance of an immediate hike in petrol prices in the next few days,” said Ismail in a statement and hinted at revising prices after May 1.

“If there is a increase in petroleum products prices, it will be done after consultations including the summary submitted by the OGRA,” he added.

The finance minister also urged people to stop filling their petrol tanks out of panic. He further said the coalition government will devise a policy to increase the petroleum prices.

“The elite class having big vehicles could not be given subsidy on petrol” the minister announced, adding that the government would provide relief to motorcyclists.

It is pertinent to mention here long queues were witnessed at different petrol stations due to the shortage of diesel in various cities of Punjab.

Earlier, it is learnt that Finance Minister Miftah Ismail agreed with International Monetary Funds’ (IMF) recommendations to reduce fuel subsidies phase-wise.

Miftah Ismail held a meeting with the executive directors of the International Monetary Fund (IMF) in Washington for the revival of the Extended Fund Facility (EFF) programme.

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Sources sy that the finance minister hinted to carry forward the IMF program and agreed to curb subsidies on the fuel and electricity phase-wise.

On April 15, Prime Minister Shehbaz Shareef rejected the Oil and Gas Regulatory Authority’s (OGRA) summary to increase the price of petroleum products.

The petroleum regulatory authority had sent a summary to the PM, recommending an Rs21.53 increase in per litre Petrol prices.