ISLAMABAD: The federal government is likely to jack up the fuel prices to meet the IMF’s conditions, ARY News reported on Wednesday.
As per details, the current levy on diesel is Rs 40 and the government is eyeing to increase the levy to Rs 50.
The finance minister has already announced the hike in levy percentage. This is International Monetary Fund’s (IMFs) condition to increase the levy on petroleum products to Rs 50.
In abidance with IMF conditions, the government is already getting a Rs 50 percent levy on petrol prices.
It will also affect the dollar price and it may hike up as the dollar price went up to Rs 232 last time. The current value of the dollar is around Rs 268.
Read more: GOVT WARNS OF STRICT ACTION AGAINST HOARDERS OF PETROLEUM PRODUCTS
Furthermore, the finance ministry will make the final decision after consultation with PM Shehbaz Sharif.
Earlier, the Minister of State for Petroleum Dr Musadik Malik warned of strict legal action against hoarders of petroleum products in the country.
He said hoarders are creating problems for the common people despite the fact that there is a sufficient stock of petrol in the country. Malik said at present, the country has a stock of petrol and diesel for 20 and 29 days.
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