IMF condition: Govt mulls changing petrol price weekly

IMF condition: Govt mulls changing petrol price weekly. The federal government, in view of demands of International Monetary Fund (IMF), is considering to regulate the petrol prices in the country on a weekly basis.

According to sources privy with the development, the decision to regulate petrol prices on a weekly basis will be approved by the federal cabinet on Thursday.

Sources have claimed that the government wants to shift the advantage of the change in international oil prices to the masses.

The International Monetary Fund (IMF) on Tuesday said that Pakistan has fulfilled all previous actions by raising the Petroleum Development Levy (PDL) on petroleum products.

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The IMF representative said that Pakistan has fulfilled the pre-conditions for joint seventh and eighth reviews.

This condition was fulfilled by increasing the PDL on July 31. Along with this, Pakistan has also completed the preliminary process for the seventh and eighth reviews.

The IMF representative said that a board meeting would be convened once adequate financial assurances will be confirmed.

The board meeting can be tentatively called on August 24.

The representative said that the UAE, Saudi Arabia and China have given adequate financial assurance to provide the necessary financial support through the privatization process.

The decision to regulate petrol prices on a weekly basis will be approved by the federal cabinet.