Global rates, not IMF reason behind petroleum price hike: Hammad Azhar

Federal Minister for Energy Hammad Azhar on Saturday said the increase in petrol prices in Pakistan stems from the demand-supply crisis in the international market, “not because of the International Monetary Fund (IMF)”.

“Increasing the prices of petroleum products is a most difficult task for the government,” he said.

He said that the incumbent government has reduced the petroleum levy from 30 per cent to 5.5pc.

Speaking on a local TV channel, the energy minister said that the price hike was approved on the recommendation of Oil and Gas Regulatory Authority (OGRA) and that he was unaware of whether the increase may be more or less than the proposed price. “The Ministry of Finance will know about the actual numbers,” he added.

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The minister explained that the price of petrol has gone up globally, and that “the price of petrol is even higher in countries where there is more poverty than Pakistan.”

“The government’s capacity to provide relief in the prices of petroleum products is dwindling,” he added.

 

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