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Friday, April 12, 2024

Regulation of petrol prices on weekly basis

The masses will have to face any fluctuation in fuel prices in international markets on a weekly basis

Fuel prices have remained at the focal point which are rapidly increasing since last couple of months to satisfy the conditions of the global lender, International Monetary Fund (IMF). In the latest development, a private news channel reported that the federal government is likely to accept another demand from the IMF to regulate the petrol prices in the country on a weekly basis.

Read more: Last step taken towards the IMF bailout programme

Some inside sources revealed that the decision to regulate petrol prices on a weekly basis will be approved by the federal cabinet today. “The masses will have to face any fluctuation in fuel prices in international markets on a weekly basis,” they said.

Former PTI government changed the duration of regulation in oil prices to fortnightly from monthly basis.

The IMF confirmed that Pakistan has completed all the prior conditions for the revival of the Extended Fund Facility (EFF) programme.

IMF resident representative in Islamabad, Esther Perez Ruiz shared that Pakistan has completed all the financial targets set by the global lender and the last action was completed on July 31 by extending the petroleum levy.

Ruiz stated that the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the financial gap till the board’s meeting.