PM rejects summary of increase in petroleum products prices; sources

Prime Minister Imran Khan has decided not to increase the prices of petroleum products, news sources claimed on Monday.

According to sources, Prime Minister Imran Khan has rejected the summary of the increase in prices of petroleum products.

Sources claim that the Oil and Gas Regulatory Authority (OGRA) had sent a summary of changes in prices of petroleum products which was not approved by the Prime Minister and now the current prices of petroleum products will be maintained this month.

It was a day ago when Finance adviser Shaukat Tareen hinted that petrol will become more expensive as the Pakistani rupee continues to depreciate against the US dollar.

While talking to media in Karachi, Shaukat Tareen while predicting that petrol would become more expensive, added that if global prices go up, then petrol will also become more expensive in Pakistan.

“There is no relief in it. Whatever [price hike] comes will be passed through [to the people],” he said.

According to Tarin, the government does not have space to provide “further relief” as he has already brought down sales tax on petrol from 17 percent to 1.6 percent.

Tarin said there will be good news on talks with the International Monetary Fund (IMF) soon, adding that the IMF announcement will also put an end to speculative trading in the exchange market.

It was on  Nov. 5, the government hiked the price of petrol by Rs8.03 per liter.