Miftah rules out immediate hike, hints at devising policy for hike in POL prices

Islamabad: Federal Minister for Finance and Revenue Miftah Ismail on Monday ruled out any imemdiate hike in the petroleum prices, saying the government, however, would devise a policy to increase the petroleum prices.

The elite class having big vehicles could not be given subsidy, however, those using less petrol such as motorcyclists would be given relief, he said while talking to a private news channel.

Miftah said the present government would bring administrative improvement in next few months. Prime Minister Shehbaz Sharif had advised him that no economic pressure should be put on the common people, he added.

He said the government would make all-out efforts to reduce budget deficit which had increased during the Pakistan Tehreek-e-Insaf (PTI) regime. “We will collect more tax than our predecessors without levying any new tax.”

Replying to a question, the finance minister said devaluation of rupee and wrongdoings of the PTI government were the main reasons of inflation in the country.

The present government was fully focused on addressing all the economic ills, he said, adding they had initiated talks with the International Monetary Fund (IMF) in time. The government was not interested in reversing the State Bank bill at yet, he said

To another query, he said Prime Minister Shehbaz Sharif would leave the office gracefully if a vote of no-confidence succeeded against him.