ISLAMABAD (HRNW) In an attempt to pacify the public and also his party leader, Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif, over the government’s latest unexpected fuel price hike, Federal Minister for Finance Miftah Ismail said on Tuesday that he never claimed the price of petrol will not increase, rather that the taxes will not be imposed on petroleum products.
Catching the people by surprise a day earlier, the government increased the price of petrol by Rs6.72 per litre and reduced that of high speed diesel (HSD) by Rs0.51 and kerosene oil by Rs1.67 per litre effective from August 16 (today). Price of light diesel oil (LDO) by Rs0.43 per litre was also increased.
Addressing a press conference today, the PML-N leader turned his guns towards the Pakistan Tehreek-e-Insaf (PTI) and pointed out that their previously-led government had broken the agreement made with the International Monetary Fund (IMF) by increasing the circular debt of gas to Rs1,400 billion and selling LNG at local rates.
He further added that he was sent to jail during the PTI’s tenure for setting up the cheapest LNG in the world, adding that Pakistan incurred a debt of Rs19,300 billion in the past four years as the former government increased the circular debt by Rs1,500 billion.
He also touched upon the speedy recovery of the rupee against the US dollar, saying it was out of our control since July 17 but they have managed to control it now.
Speaking about the ban on non-essential imported products, Ismail said there will be a 10 percent surcharge on non-exporters. He also added that the country now had more dollar inflows than outflows.
Regarding petroleum products, the finance minister said that the issue of petrol is automatic and comes from Ogra.
“We do not increase or decrease the tax, we sent it to the prime minister which he approved,” he added.
Miftah also further clarified that the government’s next target is to reduce inflation.
Furthermore, he expressed his support for the government, and said that he is bound by every decision it makes and will stand by it responsibly.