Petrol price to be fixed weekly under IMF conditions: sources

Petrol price to be fixed weekly under IMF conditions: sources

Government is all set to revise the prices of petroleum products on a weekly basis

Islamabad: As part of efforts to revive the IMF’s stalled $6 billion bailout package, the Pakistani government is poised to revise the prices of petroleum products weekly. Finance Ministry sources said.

Until now, the prices of petroleum products were revised by the government every two weeks.

Moves are being taken to immediately inform consumers of the impact of international oil prices, sources say.
A final decision on this will be taken at the next Federal Council of Ministers.

Fuel prices in this country were revised monthly, but it is important to note that the PTI-led government has shortened the period to he two weeks.

All prior conditions met

According to Islamabad-based IMF senior official Esther Perez Ruiz in a statement on August 2, Pakistan has completed all previous reviews of the combined seventh and eighth reviews to revive the $6 billion loan program. complied with the measures.

An IMF official said the petroleum development tax (PDL) was raised on July 31, based on an agreement with a Washington-based lender.

The Federal Government has revised the prices of petroleum products for two weeks from 1 August, raising the PDL by 10-20 rupees per liter for petrol and 5-10 rupees per liter for diesel.

IMF-Pakistan Executive Director Esther Perez Ruiz said the IMF’s executive board meeting will meet at the end of his August if Pakistan can secure sufficient funding.

IMF recognition is subject to his $4 billion pledge from a country friendly to Pakistan, sources said.
Pakistan reached a staff-level deal with the IMF earlier this month as the country’s foreign exchange reserves dwindled and its economy faltered.

Delays in resuming the lending program combined with political uncertainty have raised fears of default, but Finance Minister MIftah Ismail has repeatedly assured the country that its financing needs have been met. increase.

Credit/Source : THENEWSPK

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