Indication of a major increase in the prices of petroleum products

ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has indicated that if the International Monetary Fund does not provide relief, the government may have to decide to impose a levy of Rs50 to Rs55 on petrol or diesel by next Friday.

In an interview, he said that the government is constantly in touch with the International Monetary Fund and efforts are being made to avoid putting further burden on the people, however, if no relief is found in the negotiations, difficult decisions will be inevitable to uphold the agreement.

The Petroleum Minister said that the government ensured the availability of oil during the recent crisis and did not allow any shortage to arise, although the country had limited reserves, and provided relief to the people by spending about Rs100 billion in collaboration with the provinces.

He further said that currently the levy on diesel is zero while its burden has been shifted to petrol. The price of diesel in Pakistan is relatively low compared to the global level. International financial cooperation is necessary to keep the economy stable.

Economic experts say that if the levy is increased, it will directly affect inflation, which may further increase the difficulties of the common citizen.