Thursday, June 1, 2023

Implementation of Cheaper Petrol Scheme Postponed Until IMF’s Concerns are Addressed.

The government has delayed the implementation of the cheap petrol scheme until the IMF’s reservations are addressed.

Minister of State for Petroleum Musaddiq Malik while talking to SAMAA in Islamabad said that we may not have been able to tell our position properly to the IMF on the cheap petrol scheme.

Musaddiq Malik gave the good news of a clear reduction in the prices of petroleum products due to the increase in oil imports from Russia, but refrained from disclosing the details of the agreement for the time being. He said he was ordering a cargo of oil from Russia. The increase in oil imports from Russia will lead to a clear drop in prices, but the commercial details of the deal cannot be revealed yet.

The Minister of State for Petroleum said that one policy is to upgrade the existing refineries, the matter of investment of up to $ 14 billion in refineries will be settled in a few months. The second policy is to set up new refineries which have been approved.

Musaddiq Malik said that the concerns of the Ministry of Finance regarding the upgradation of old refineries will be removed, petrol and diesel will be cheaper due to upgradation of refineries.

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