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Tarin says govt compelled by IMF to raise petrol price

Finance minister envisages targeted subsidies for 40% of the population

SAMAA | - Posted: Oct 16, 2021 | Last Updated: 1 month ago
SAMAA |
Posted: Oct 16, 2021 | Last Updated: 1 month ago

Finance Minister Shaukat Tarin has revealed that the federal govenmnet had to increase the prices of petroleum products because under one of the conditions set by the International Monetary Fund (IMF) it is required to pass on any hike in the prices to people.

Speaking at a press conference in Washington, Tarin said the Oil and Gas Regulatory Authority (OGRA) had calculated that petrol price in the international market had gone up by Rs10 per litre.

"We haven't added anything on top of it," said Tarin who was accompanied by the State Bank of Pakistan Governor Reza Baqir.

He said that oil and other items were becoming more expensive all over the world and the reason why it is happening is not known.

Shaukat Tareen claimed that in the past 7-8 months the petroleum levy has been reduced from Rs30 to Rs5. "We are not keeping anything."

The finance minister said that inflation will come down if the effects of the coronavirus epidemic are lessened.

Pending the inflation comes down the finance minister has an ambitious target of subsidies.

"Targeted subsidies will be given to 40% of the population of the country," said the finance minister adding that the government had created a database which can indicate how much income is earned by each household.

He said that in the next four to five years the tax-to-GDP ratio would been increased to 20%.
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