PM Shehbaz blames spike in fuel prices on previous govt's 'worst-ever deal' with IMF

Prime Minister Shehbaz Sharif on Thursday blamed the latest hike in fuel prices on the predecessor government’s “worst-ever deal” with the International Monetary Fund (IMF).

Taking to Twitter, the PM said that he would soon share specifics of the deal made between the IMF and Pakistan Tehreek-e-Insaf (PTI) with the public in the coming days.

“Acutely aware of the impact that a fuel price hike causes,” said PM Shehbaz in a tweet. The prime minister's statement comes a day after the government announced yet another massive hike in petroleum product prices, raising concerns of a further spike in the already-high inflation.

The prime minister said that the government was “left with no choice” but to raise the prices due to the IMF deal that was signed by the previous government of PTI.

“We will get out of these economic difficulties,” he added.

In a late-night development, Finance Minister Miftah Ismail on Wednesday announced that the government had decided to increase petroleum prices as it looks to quickly appease the IMF, which has emphasised the termination of energy subsidies to revive its bailout programme.

Fuel prices raised yet again: Miftah says hike was ‘inevitable’

“We are taking difficult decisions,” Miftah maintained.

Earlier, Miftah had said the IMF was concerned about fuel subsidies, a widening current account deficit, and urged the need to raise more direct taxes.