No imminent hike in fuel prices on the cards, Miftah dispels speculations

Special Reporter

ISLAMABAD: Finance Minister Miftah Ismail has rubbished reports that the government was increasing fuel prices today, saying that in the pre-budget seminar he did not even speak about the petroleum prices.

“Channels running these tickers are doing a disservice to their viewers. There will be no increase in prices today and there is no summary or plan to raise prices,” he wrote on his official Twitter handle on Tuesday.

His statement comes amid reports of another hike in the fuel prices just a few days after the government increased the petroleum product prices by Rs30 per litre — second hike in a week.

Information Minister Marriyum Aurangzeb also termed the speculation of increase in prices of petroleum products as “absolutely false”. “The government has not taken any decision to increase the price of petrol and diesel further. The people and media are requested not to listen to rumours. There is no shortage of petroleum products in the country. Avoid spreading rumours,” she wrote on her Twitter handle.

In the pre-budget seminar earlier today, Miftah predicted that country’s GDP will grow by 5%-6% and the government would control the high rate of inflation.

He also revealed that the government has prepared a progressive fiscal budget, with the deficit reduced to below 5%.

The minister further stated that he was “very confident” about the deal with the International Monetary Fund (IMF).

“We have taken tough decisions; it is not easy for any prime minister to allow such an increase in fuel prices but we were taking losses. We incurred more than 120 billion rupees in losses per month,” the minister stated.