Finance Minister Miftah Ismail on Sunday said that the government has no intention to increase the prices of petroleum products for now.
Addressing a press conference, the finance minister said that Prime Minister Shehbaz Sharif has rejected the proposal to hike petroleum prices today, saying that the government could not put further burden on the masses.
Later, taking to Twitter, he wrote that while the prices of petroleum products will not be increased as of now, the government may have to “revisit the decision soon” owning to changing circumstances and international oil prices.
Let me amplify what I just said in my presser. The government will not raise POL prices today. But due to changing circumstances and international oil prices, we may have to revisit our decision soon.
— Miftah Ismail (@MiftahIsmail) May 15, 2022
Criticising the PTI-led government, Miftah said during the presser that the former finance minister Shaukat Tarin had promised the International Monetary Fund (IMF) that the then government would abolish all the subsidies on petrol.
Referring to the devaluation of the rupee, the finance minister said that the dollar was at Rs115 during the PML-N’s previous tenure, but it surged to Rs189 during the four-year term of the PTI’s government.
“The PTI-led government brought the country to the brink of economic disaster,” he said. “We are trying to mend the situation now.”
Ismail further said that the current coalition government was also working to improve the agriculture sector of the country.
“The government will import edible oil worth $4 billion, while we will not import any sugar during the current fiscal year.”
Speaking about the government’s talks with the IMF, Ismail added: “I am going to negotiate with the IMF and will resolve all the issues in a better manner.”