The government has increased petroleum products' prices from Rs 3.96 per liter to Rs 6.74 per liter and stated that no tax amnesty scheme is under consideration. While announcing the increase in petroleum prices, advisor to Prime Minister on Finance Miftah Ismail stated that no tax amnesty scheme is being considered as all the emphasis of the government is on documentation. He said that there is no restriction on bringing foreign currency to Pakistan; however, if the amount is 'significant', the government may ask about source.
The advisor's statement was militating against the disclosure of Minister of State for Finance Rana Muhammad Afzal who had that the government was considering facilitating those Pakistanis having assets and money abroad through offering an amnesty scheme to bring their monetary assets to the country because assets' accountability under the Organisation for Economic Cooperation and Development (OECD) will constitute a formidable challenge for those seeking to hike assets.
The advisor stated that the price of petrol has been increased by Rs 4.06 per liter, light diesel's by Rs 6.29 per liter and high speed diesel's by Rs 3.96 per liter and kerosene's by Rs 6.79 per liter. With the current increase, per liter petrol price will be Rs 81.53, kerosene's Rs 64.32 per liter, light diesel oil's Rs 58.37 per liter and high speed diesel's Rs 89.91 per liter.
Ismail added that an increase of Rs 13.58 per liter in kerosene price was recommended by Oil and Gas Regulatory Authority (OGRA) but the Prime Minister approved to pass on only half of the increase to the consumers. Likewise, he stated that Prime Minister also approved Rs 6.25 per liter increase in LDO price against Rs 12.49 recommended by the OGRA and Rs 3.96 per liter in HSD price as opposed to Rs 7.91 per liter recommended by the OGRA. However, he stated that Prime Minister approved full increase of Rs 4.05 per liter in the price of petrol as recommended by the OGRA.
The advisor claimed that prices of petroleum prices are lower in Pakistan compared to other regional countries such as Sri Lanka, India, Bangladesh and Turkey. The advisor said that financing needs of the country for the current fiscal year will not be an issue as the government has the plan to deal with the situation. "We will not seek another bailout package from the International Monetary Fund (IMF)," he said while adding that things are moving in the right direction with exports showing an increase. According to him, a plan is ready to deal with the external financing.
He also contradicted Minister of State for Finance Rana Muhammad Afzal Khan that the government can borrow from the international capital market through issuance of bonds and categorically stated that the government will not issue more bonds in the international market. In reply to a question, he said the government was shifting power plants from furnace oil to LNG.
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