Govt to slash petrol, diesel prices today, confirms Miftah Ismail

ISLAMABAD: In a bid to provide immediate relief to the inflation-hit people, Finance Minister Miftah Ismail on Thursday confirmed that the government will not wait for July 15 to slash the prices of petroleum products.

Talking to media persons, MIftah Ismail announced, “The prices of petroleum products would be reduced today (Thursday). PM wanted to give instant relief to the masses.”

He confirmed that the Finance Ministry has received a summary from the Oil and Gas Regulatory Authority (Ogra) recommending a cut in prices.

He felicitated the nation for standing by PM Shahbaz Sharif while taking tough decisions. The finance minister said that the nation is aware of the crisis being faced by the country.

He also congratulated the nation on the staff staff-level agreement with IMF and said the difficult time has ended and the time has come to give relief to the people. 

IMF has no objection over reducing the prices of petroleum products, he added.  

“Under the leadership of Prime Minister Shahbaz Sharif, we made a good deal with the IMF,” said MIftah Ismail. Criticising the past government, the finance minister said that the IMF observed Pakistan suffered huge budget deficits due to late actions in the previous year.

The IMF also underscored mismanagement in the power sector last year, he said, adding that the circular debt climbed to Rs800 billion due to late actions.

“We will work hard and collect more taxes,” the minister said adding that the government is committed to making lives easier for the masses.

Despite the immense economic difficulties, the incumbent government presented a public-friendly budget, he added

Highlighting his government’s achievements, the finance minister said that IMF hailed their “Sasta Petrol and Diesel” scheme.

Responding to a question about the staff-level agreement with the IMF, he said that the deal will bring ease to people’s life. The agreement paves the way for reducing the prices of petroleum products and other commodities.

Due to their efforts in the past three months and the guidance of the PM, they managed to shield the people and the country from the harmful impacts of the landmines laid by Imran Khan, said Miftah.

He accused Imran Khan of breaking an agreement with the IMF in January and February. The finance minister alleged that he tried to transform Pakistan into Sri Lanka but the Almighty Allah saved the country.

Imran Khan’s plan to bankrupt Pakistan has failed, he added. 

What could be new petrol prices?

 In line with the directives of Prime Minister Shahbaz Sharif to reduce the prices of petroleum products, the Finance Ministry has started deliberations after receiving the summary from Ogra.

According to details, the ministry has worked out the reduction in Mogas (Petrol) price by Rs15 per litre and diesel by Rs33.99 per litre.

The new price of petrol has been proposed at Rs219.70 per litre after jacking up the petroleum levy (PL) byRs5 per litre to Rs15 per litre, from Rs10 per litre, and diesel Rs241.30 per litre after increasing the petroleum levy to Rs10 per litre from the existing Rs5 per litre.