Petrol prices were raised ahead of time after rules changed, claims Miftah Ismail

Former finance minister Miftah Ismail has claimed that the recent increase in petrol prices effectively handed oil companies a windfall of around Rs19 billion after regulations were changed to raise prices ahead of schedule.

Speaking on ARY News’ programme Khabar, Miftah Ismail said the additional amount generated by the petrol price increase had largely gone towards stock replacement.

He argued that once the war situation eases, global oil prices are likely to fall, yet consumers in Pakistan would continue paying higher petrol prices based on previous rates — a situation he described as a “gift” to oil marketing companies.

According to Ismail, even if global petrol prices decline after the conflict subsides, Pakistani consumers may still face elevated prices for at least another 15 days. He suggested the government could instead have imposed a Rs55 levy rather than allowing oil marketing companies to benefit.

Responding to a question, the former minister said that between 1 April and 15 April companies would continue receiving payments based on the higher oil price calculations. He added that government ministers, many of whom are wealthy, could have borne part of the burden rather than shifting the full impact onto the public.

Miftah Ismail maintained that petrol purchased at lower prices should have been sold at the same rate, and that prices should only have been raised when more expensive fuel was procured.