The International Monetary Fund (IMF) has no objections to today’s (Thursday) price reduction of gasoline, according to Finance Minister Muftah Ismail.
The IMF said Thursday morning that the Pakistani government and the organisation had finally reached a staff-level agreement about the disbursement of $1.17 billion to bolster the country’s weak economy.Speaking to the media in Islamabad, Miftah said that instead of waiting until July 15, the prices of petroleum goods will be reduced right now because Prime Minister Shehbaz Sharif wants to provide immediate relief to the populace.
He said that the Fund has no objections to the Oil and Gas Regulatory Authority’s (Ogra) summary, which the finance ministry received and which recommends a price reduction.
Miftah congratulated the country on coming to an agreement with the IMF and stated that the people supported PM Shehbaz Sharif in his difficult choices.
The time has come, the minister added, “to provide relief to the people after terrible times.” “Nations see difficult times, and the Pakistani public knows the circumstances during crises,” he said.The finance ministry has begun its discussions in accordance with the instructions of Prime Minister Shehbaz Sharif to lower the cost of petroleum goods after receiving the Ogra summary.
Details indicate that the ministry has determined that Mogas (petrol) will cost Rs15 less per litre and diesel will cost Rs33.99 less per litre.
The proposed new price for gasoline is Rs219.70 per litre after the petroleum levy (PL) is increased by Rs5 per litre to Rs15 per litre from Rs10 per litre, and the proposed new price for diesel is Rs241.30 per litre after the petroleum levy is increased to Rs10 per litre from the existing Rs5 per litre.
