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Sunday, April 14, 2024

Miftah Ismail says petroleum prices to increase further

Miftah Ismail, the Finance Minister, announced on Tuesday that the price of petroleum items in the country would rise much more after a significant increase of Rs60.

Finance Minister Miftah Ismail said Tuesday the price of petroleum products would increase further in the country just following a massive hike of Rs 60.

Addressing the pre-budget seminar on Tuesday, Ismail said if the PML-N government were to take decisions in line with the PTI government’s deal with the International Monetary Fund (IMF), the price of petrol would have stood at Rs 300 per liter.

“The PTI government took loans worth Rs20,000 billion in 3.8 years, the highest loan amount took by any government in the history of Pakistan.”

Read more: High petrol price forces govt to slash its fuel quota

“PM Shehbaz-led coalition government took tough decisions to save country from financial crisis,” Ismail said, adding that the government will provide relief to people completion of tenure.

He said ex-prime minister Imran Khan’s government had agreed with the IMF that they would not give subsidies.

Moreover, according to The News, “The IMF has asked for 100% withdrawal of subsidy on petroleum products. Once the subsidy is over, then the government will have to impose taxes and petroleum levy.”

It reported there is still a subsidy of Rs9.32 per litre on petrol and Rs23.05 per litre on diesel.

On Monday, Ismail had ruled out the possibility of a financial emergency in the country after a hike in the petroleum prices twice.

Read more: Govt increases petrol price to Rs209.86 per litre

Taking to Twitter, the finance minister said the country was not facing a financial emergency as the price of petrol had been increased to Rs209.86, while there has also been a massive increase in other petroleum products.

On the other hand, ARY News reported that the government has decided to impose a 30 per cent tax on those earning Rs 100,000 or more a month online in the upcoming budget.

In response, PTI on its official Twitter said the decision is “tantamount to destroying Pakistan’s IT sector.”