To revive the IMF program, the government will have to increase petrol and diesel prices by Rs 23 and Rs 55, respectively. Informed sources said that after doubling petrol and diesel prices by Rs 30 in the last two weeks, the government is expected to completely eliminate oil subsidies before the start of the new fiscal year. In view of current oil prices in the international market, the subsidy on petrol is Rs. 23 and on diesel Rs. 55. OGRA will finalize the prices next week and inform the Prime Minister of its recommendations.
After the sharp rise in petrol and diesel prices by up to Rs 60 and the presentation of the budget approved by the IMF, it is generally believed that all the preconditions for the resumption of the IMF program have been met and now global The company can show the green flag at any time. However, this is not the case.
It is said that The first major hurdle is the elimination of all oil subsidies from the start of the new fiscal year. Sources said that at the time of last price hike, the remaining subsidy on petrol and diesel was Rs 9 and Rs 23 respectively and now the subsidy has also increased due to the increase in global prices.
This is a very difficult time for the coalition government led by Shahbaz Sharif as everyone was thinking that difficult decisions have been made but now the government will have to increase the prices of petrol and diesel by Rs 23 and Rs 55 respectively.
The IMF is not giving any concessions without ending the subsidy on oil prices. Pakistan is facing a difficult economic situation where it has no option but to revive the IMF program, which was suspended in the last days of Imran Khan’s government because the previous government had deviated from those conditions. Which were agreed with the IMF.
