Miftah Ismail terms slash in POL prices 'reckless' decision

09:08 AM | 3 Oct, 2022
Miftah Ismail terms slash in POL prices 'reckless' decision
Source: file photo

KARACHI – PML-N leader and former finance minister Miftah Ismail on Sunday termed the government’s decision to not increase the petroleum development levy (PDL) without the approval of the International Monetary Fund’s (IMF) “reckless”.

Responding to PTI leader Shaukat Tarin on Twitter, Miftah reminded the former finance minister that his government had violated the agreement it had signed with the IMF by slashing the petrol prices ahead of the no-confidence vote.

“You agreed to increase sales tax to 17% but reduced it to zero. You agreed to raise petrol levy every month by Rs4 to Rs30 but brought it to zero. You agreed to not give amnesty but gave one anyway,” said the Miftah. He added that the PTI government gave an “unfunded, unsustainable subsidy on petrol”.

Miftah said that the PTI nearly bankrupted Pakistan, however, when he took over and went to the IMF, the country was “saved” from default.

“Not increasing PDL this month without IMF approval is reckless, but what PTI did with our economy was unforgivable,” said Miftah on the recent cut in prices announced by Finance Minister Ishaq Dar.

Tarin had tweeted screenshots of tickers related to Miftah on the return of Dar and a drop in petrol prices.

Earlier this week, Dar slashed the price of petrol by Rs12.63 per litre, giving massive relief to the inflation-stricken people of the country.