Implementing a cheaper petrol scheme in Pakistan has been postponed until concerns raised by the International Monetary Fund (IMF) are addressed, according to Musadik Malik, the Minister of State for Petroleum. Read more.
The scheme of Cheaper Petrol, which aimed to provide affordable petrol prices to the public, has faced obstacles due to the IMF apprehensions about its impact on the country’s economy and fiscal stability.
In an exclusive interview with Samma TV, Minister Malik acknowledged that there may have been a lack of effective communication in conveying the government’s stance on the cheap petrol scheme to the IMF. He emphasized that the government is committed to addressing the concerns raised by the IMF before implementing the scheme.
The minister assured the public of a significant reduction in petroleum product prices and revealed that a shipment of oil from Russia is currently being ordered. However, specific details and updates regarding the commercial aspects of the deal have not been disclosed at this time.
Minister Malik highlighted that two essential policies are being pursued in the petroleum sector. The first policy aims to upgrade the existing refineries, with the issue of capital injection, amounting to approximately 14 billion dollars, expected to be resolved within a few months. The second policy focuses on establishing new refineries, which have already received approval.
The government remains committed to exploring solutions and addressing the concerns raised by the IMF to ensure the implementation of the cost-effective petrol scheme while maintaining the country’s economic stability.