ISLAMABAD, June 29(ABC): Bowing down to the pressure of the International Monetary Fund (IMF), the government is likely to increase prices of petroleum products by Rs 10 from July 1 (Friday).
Pakistan received Memorandum of Economic and Financial Policy (MEFP) from the International Monetary Fund (IMF) which would combine the seventh and eighth tranches.
According to IMF’s MEFP, economic discipline is necessary in Pakistan after which more tough decisions will have to be taken from July 1.
Sources said that talks are underway between Pakistan and the IMF on MEFP and from July 1, sales tax of 5% on petrol and a levy of Rs 10 could be imposed.
Sources further said that from July 1, electricity may also become more expensive and a tough target has to be met to reduce energy losses, while government agencies will also have to meet a strict target to reduce losses.