\u2018National interest\u2019
\nIshaq Dar cites international rates, IMF condition for increasing petrol prices
\n ISLAMABAD
\nThe outgoing coalition government has hiked the petrol and diesel prices by massive 20 rupees per litre. Announcing the decision on Tuesday, Federal Minister for Finance and Revenue Senator Ishaq Dar cited higher international petroleum rates for increasing in local prices of petrol and high speed diesel.
\nThe per-litre petrol price has been raised by Rs19.95 and diesel by Rs19.90. The new petrol prices is Rs272.95 and the diesel rate is Rs273.40. In a recorded video statement, Ishaq Dar said the petrol prices had increased sharply in the international market in the last 15 days and the government had tried to minimise the hike.
\nThe prices review was due on July 31, but the government did not announce new rates as the officials tried to maintain or reduce the rates \u2014 keeping in view the impact of the price hike on inflation-weary people.
\nIshaq Dar, who made the announcement as the finance minister for the last time as the coalition government\u2019s term will end on August 12, said the increase was inevitable as Pakistan had agreed with the IMF on imposing Petroleum Development Levy (PDL) to the rates.
\nThe minister said that the decision was made \u201cin the national interest\u201d and that the new rates were to be effective immediately. He also stressed that his team had tried to \u201cwork\u201d on the Oil and Gas Regulatory Authority\u2019s (Ogra) recommendations until the wee hours of the night but found themselves with their backs against the wall.
\nIshaq Dar said \u201cThe basic reason behind the delay in the announcement was that we were looking at if there were ways to reduce the prices, if there was any room for that.\u201d The minister said Prime Minister Shehbaz Sharif had also been taken into confidence and that the approval came albeit with reluctance.
\n\u201cWe all know that the international commitments we have with the International Monetary Fund (IMF) regarding the petroleum levy, if they weren\u2019t there then we would have announced either partial adjustment or whatever the premier would have deemed appropriate to give a lower increase. But everyone knows we have a standby agreement,\u201d he added.
\nIshaq Dar also emphasized that it was the previous PTI government\u2019s decision to renege on its promises with the IMF which had been detrimental to the country\u2019s national interest. \u201cKeeping in mind national interest, it is crucial that we pass on the minimum [amount] which has been calculated,\u201d the finance minister added.
\nThe IMF had imposed stringent conditions to ensure that the $3 billion Standby Agreement continues smoothly. One of the requirements of the agreement is to raise the petroleum levy to Rs60 per litre. <\/p>\n","protected":false},"excerpt":{"rendered":"
\u2018National interest\u2019 Ishaq Dar cites international rates, IMF condition for increasing petrol prices ISLAMABAD The outgoing coalition government has hiked the petrol and diesel prices by massive 20 rupees per litre. Announcing the decision on Tuesday, Federal Minister for Finance and Revenue Senator Ishaq Dar cited higher international petroleum rates for increasing in local prices […]<\/p>\n","protected":false},"author":2,"featured_media":346785,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-346784","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n