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Increase in petroleum prices to help reduce inflation: Miftah Ismail

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ISLAMABAD, Pakistan: The Minister for Finance Miftah Ismail has said that the increase in the petroleum prices will help reducing the inflation and stabilizing rupee against the dollar.

On Thursday night, the federal government raised the prices of petroleum products by Rs 30 per litre.

While addressing a news conference along with the Minister of State for Finance Aisha Ghaus Pasha in Islamabad on Saturday, he said that making a tough decision on petroleum prices was the only option to strengthen the prevailing economic situation of the Country.

The finance minister said that Prime Minister Shahbaz Sharif has decided to launch the Sasta Diesel, Sasta Petrol Program to compensate weaker segments of the society after the increase in petroleum prices under which 14 million deserving households will be provided Rs 2,000 on monthly basis.

The program will cost Rs 28 billion every month, adding that the relief amount will also be incorporated in the upcoming budget.

Miftah Ismail said that seven million households of BISP are also included in the program. He said that woman head of the family, whose household income is less than Rs 40,000, can register themselves for this program by send their national Identity Card number at number 786.

The minister said that another program is also being launched under which flour will be provided at Rs 40 per kilogram and sugar at Rs 70 per kilogram.

The finance minister expressed the hope that soon the staff-level agreement will be signed with International Monetary Fund (IMF) that will help us borrow money from other multinational institutions including World Bank and Asian Development Bank (ADB).

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