Tarin indicates rise in petroleum product prices

ISLAMABAD: Finance Minister Shaukat Tarin hinted at a further increase in petroleum product prices in the coming days, saying that the government cannot keep fuel rates artificially low.

Speaking on the  Geo News Programme, "Aaj Shahzaib Khanzada Kay Saath", the finance minister, while referring to a hike in oil prices in the international market, categorically rejected the idea of reducing petroleum prices artificially.

If the international market witnesses a hike in prices, the government will have to shift the burden onto the people, he added.

He hesitated to back the government’s decision to maintain unchanged petroleum prices for the first 15 days of February, saying that though this decision is popular, it is not going to sustain for a longer period.

The Finance Minister also shed light on the next fiscal year's budget and termed it a challenge for the government. He was of the view that the government would be under pressure at the time of presenting the next budget due to upcoming general elections.

IMF demands to abolish tax exemption from provident fund

Tarin said that the International Monetary Fund (IMF) demanded of the government to remove tax exemption from the provident fund.

Tarin, however, said that he was resisting the demand as the provident fund is a safety net of the people and the removal of tax exemption from it will create a burden for the poor. The government will negotiate with the IMF on the matter of tax exemption on provident funds, he added.

He maintained that the IMF is against the subsidy on gas for the fertiliser industry.