ISLAMABAD: Minister of State for Petroleum Musadik Malik on Wednesday stated that the implementation of the cost-effective petrol scheme has been delayed until concerns raised by the International Monetary Fund (IMF) are “adequately addressed and resolved”.
The minister, while talking exclusively to a private TV news channel, expressed that there might have been a lack of effective communication in conveying government’s stance on the cheap petrol scheme to the IMF.
The scheme which aimed to provide affordable petrol prices to the public has faced obstacles due to the IMF’s apprehensions regarding its impact on the country’s economy and fiscal stability.
“Before moving forward with the implementation of the cheap petrol scheme, the government is committed to taking all required measures to address the concerns raised by the IMF,” he added.
Promising a significant reduction in petroleum product prices, the minister mentioned that a shipment of oil from Russia is currently being ordered.
Further details and updates on commercial aspects of the deal are yet to be disclosed.
According to the Minister of State for Petroleum, there are two key policies being pursued. The first policy aims to upgrade the current refineries, and the matter of capital injection, amounting to approximately 14 billion dollars, will be resolved within a few months. The second policy pertains to the establishment of new refineries, which has already received approval.