ISLAMABAD, June 07(ABC): Finance Minister Miftah Ismail said Tuesday the price of petroleum products would increase further in the country after a massive hike of Rs60 in the last 10 days.
In his address to the one-day long pre-budget business conference, Ismail said that had the government taken decisions in line with ex-prime minister Imran Khan and former finance minister Shaukat Tarin’s deal with the International Monetary Fund (IMF), the price of petrol would have stood at Rs300 per litre.
“The previous government had agreed with the IMF that they would not give subsidies,” the finance minister said, lashing out at the Khan-led government for messing up the economic policies of the country.
Moreover, the government cannot stop at just ending subsidies as it has to impose taxes on petroleum products.
“The IMF has asked for 100% withdrawal of subsidy on POL products. Once the subsidy is over, then the government will have to impose taxes and petroleum levy,” the publication reported, adding that there is still a subsidy of Rs9.32 per litre on petrol and Rs23.05 per litre on diesel.
A day earlier, the finance minister had ruled out the possibility of a financial emergency in the country after the government took steps to rectify the ongoing economic turmoil.