Miftah terms PM Shehbaz's decision to hike fuel price fair
Miftah terms PM Shehbaz’s decision to hike fuel price fair
LAHORE (Dunya News) – Minister for Finance Miftah Ismail said on Tuesday while terming Prime Minister Shehbaz Sharif’s decision to hike fuel price said that the he had forwarded the summary sent to him by Oil and Gas Regulatory Authority (OGRA) to Prime Minister Shehbaz Sharif.
Speaking exclusively in Dunya News program “Dunya Kamran Khan Kay Sath”, he said that the prices of petroleum products started increasing from May and the government didn’t impose even a single rupee additional tax or levy. The levy on petrol was imposed on August 1.
He said that even our own people have also spoken against me on Twitter, the tax on petroleum products was not increased by even Rs1. The price of petrol has been increased after the prime minister’s approval.
Miftah went on to say that he thinks PM Shebhaz’s decision was fair and decision to increase fuel price was in the best interest of the country.
Earlier, the finance minister clarified that government has not imposed tax of even a single rupee on petroleum products. Finance Minister, who faced criticism from within his party as well as other cabinet members for hike in petrol price, defended the decision and said that increase in price will not affect supply and demand cycle.
The Minister said the present government has averted default by taking difficult political decisions and a beginning has been made to put the economy on sound footing.
Criticizing the economic policies of PTI government, the Finance Minister said they left behind 10.3 billion dollars in foreign reserves and we have to return loan of twenty-one billion dollars during the current fiscal year.
The Finance Minister said prices of petroleum products are determined by OGRA as per a laid down mechanism. He said no additional tax has been imposed on the petroleum prices. He pointed out that price of petrol in India is 303 rupees per liter while in Bangladesh it is being sold at 308 rupees.
Miftah Ismail said that a new letter of intent sent by the IMF will be signed by him today. He was confident that disbursements to Pakistan will start following the IMF’s board meeting by the end of this month.
Responding to a question, the Finance Minister said that twenty-seven billion rupees in taxes will be collected from the traders during the current fiscal year.