Petroleum prices determined by OGRA, no additional tax imposed: Miftah

The Finance Minister Miftah Ismail has said that no additional tax has been imposed on the petroleum prices.

Addressing a news conference in Islamabad on Tuesday, the Finance Minister has said that prices of petroleum products are determined by OGRA as per a laid down mechanism. He pointed out that price of petrol in India is 303 rupees per liter while in Bangladesh it is being sold at 308 rupees.

Miftah Ismail has said that the economy is improving and the government’s next target is to control inflation. He said the rupee has continuously been appreciating since the 1st of this month due to curbs imposed on imports of non-essential items.

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“The present government has averted default by taking difficult political decisions and a beginning has been made to put the economy on sound footing,” he said.

The Finance Minister further stated that a new letter of intent sent by the IMF will be signed by him today. He was confident that disbursements to Pakistan will start following the IMF’s board meeting by the end of this month.

“Twenty-seven billion rupees in taxes will be collected from the traders during the current fiscal year,” he added.