Govt bears Rs 30 per liter loss on oil: Miftah Ismail

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KARACHI: Finance Minister Miftah Ismail said on Thursday that the Treasury bears a loss of 102 billion rupees from petroleum products every month, ARY News reported.

“The government bears a loss of 30 rupees per liter of oil,” said the Pakistani finance minister.

“However, the decision has not yet been taken to increase the prices of petroleum products,” he said.

Ismail, in a press conference today, said the government had never sold gasoline at a loss because the economy could not afford it, adding that if fuel prices did not rise in May, the Treasury would lose 102 billion rupees.

“The previous government, without launching a project, raised the deficit to Rs 2.6 trillion,” the minister said. “How will the 1.5 trillion rupees deficit in the gas sector be filled?” he wondered. “Rs 500 billion is payable to Pakistan State Oil (PSO),” he added.

Ismail said the country’s debt has skyrocketed to 45 trillion rupees.

“Who should be held responsible for the deficit of Pakistan Railways and PIA,” he asked.

He said Prime Minister Shehbaz Sharif’s government had no intention of overburdening the people with new taxes.

“We received a good response from Saudi Arabia,” he said. “The UAE delegation met with the prime minister on Eid day,” he said.

He also said that the Karachi Ring Railway and Karachi-Hyderabad Expressway projects will be included in the CPEC.

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