Govt bearing per litre 30 rupees loss on petroleum: Miftah Ismail

KARACHI: Finance Minister Miftah Ismail on Thursday said that the government treasury bearing 102 billion rupees loss on account of petroleum products each month, ARY News reported.

“The government is bearing per litre 30 rupees loss on petroleum,” Pakistan’s finance minister said.

“However, the decision not yet taken to enhance the prices of petroleum products,” he said.

Ismail, in a press talk today, said the government had previously never sold petrol at a loss because the economy could not afford it, adding that if fuel prices are not hiked in May, the treasury will lose Rs102 billion.

“The previous government, without launching a project, enhanced the deficit to 2,600 billion rupees,” the minister said. ” How the deficit of 1500 billion rupees in gas sector will be fulfilled,” he questioned. ” 500 billion rupees are payable to the Pakistan State Oil (PSO),” he further said.

Ismail said that the country’s debt has skyrocketed to 45,000 billion rupees.

“Who should be made accountable for the deficit in Pakistan Railways and the PIA,” he asked.

He said the government of Prime Minister Shehbaz Sharif not intending to overburden the people with new taxes.

“We have got good response from Saudi Arabia,” he claimed. “The delegation of UAE held meeting with the prime minister on Eid day,” he said.

He also said that the Karachi Circular Railway and Karachi-Hyderabad Motorway projects will be included in the CPEC.