Cabinet to approve weekly-change in petrol prices

Cabinet to approve weekly-change in petrol prices

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ISLAMABAD: The federal government is likely to accept another demand from the International Monetary Fund (IMF) to regulate the petrol prices in the country on a weekly basis, ARY NEWS reported.

According to sources privy to the decision, the decision to regulate petrol prices on a weekly basis will be approved by the federal cabinet today. “The masses will have to face any fluctuation in fuel prices in international markets on a weekly basis,” they said.

The previous government of the PTI changed the duration of regulation in oil prices to 15 days from one month.

The International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.

Read More: GOVERNMENT ANNOUNCES REDUCTION IN PETROL PRICE

Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.

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