ISLAMABAD: Petroleum Minister Ali Pervaiz Malik announced on Saturday that the recent surge in petrol and high-speed diesel (HSD) prices was a necessary step to fulfil agreements with the International Monetary Fund (IMF).
Speaking alongside Finance Minister Muhammad Aurangzeb, Malik clarified that despite relatively stable global markets, a Rs14 to Rs15 increase was mandated by previous commitments with IMF.
The Minister assured the public that the government is prepared to slash domestic rates “at a much faster pace” as soon as international oil prices begin to trend downward. He further said that timely measures have been taken to prevent shortages and ensure the consistent availability of petroleum products nationwide unlike Austria and some other countries.
To cushion the blow for vulnerable sectors, he said that subsidies are being distributed among motorcyclists & farmers who receiving aid via the E-wallet system. Talking about the provincial support, he said chief ministers are overseeing additional subsidy distributions at the local level.
“We had to increase rates due to our commitment (to the IMF),” Malik stated, emphasizing that the move was a fiscal necessity rather than a reflection of current market fluctuations.
Copyright Business Recorder, 2026
Comments