The International Monetary Fund (IMF) has no objections to today’s (Thursday) price reduction of gasoline, according to Finance Minister Muftah Ismail.
The IMF announced Thursday morning that the Pakistani government and the organisation had finally reached a staff-level agreement regarding the release of $1.17 billion to support the country’s fragile economy.
Speaking to the media in Islamabad, Miftah said that instead of waiting until July 15, the prices of petroleum products will be reduced right away because Prime Minister Shehbaz Sharif wants to provide immediate relief to the populace.
He claimed 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 said, “to provide relief to the nation after difficult times.” “Nations see difficult times, and the Pakistani nation understands the situation during crises,” he said.
What might be causing the new gas prices?
The finance ministry has begun its deliberations in accordance with the instructions of Prime Minister Shehbaz Sharif to lower the prices of petroleum products 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.
