ISLAMABAD – Finance Minister Miftah Ismail has turned down the claims of immediate hike in prices of petroleum products after fuel shortage reported in some pockets of Punjab.
Talking to private news channel, he asked people to stop panic buying as prices will not be revised up immediately.
Ismail says the government will devise a policy to increase the petroleum prices.
He said the elite class having big vehicles cannot be given subsidy, but it will be extended to motorcyclist in order to provide them relief amid soaring prices.
The Finance Minister said the present government will make all-out efforts to reduce the budget deficit increased during the PTI regime.
Following the Pakistan’s agreement with IMF to withdraw subsidies on oil and power, consumers started making panic buying that led to shortage of diesel in various cities of Punjab and long queues were witnessed at petrol stations.
Farmers also complained of shortage of diesel in the province, adding that no-availability of the fuel will adversely affect the harvesting season.
Meanwhile, the Oil and Gas Regulatory Authority has rejected the reports of shortage of petrol and diesel in the country, saying there are adequate stocks of the products to meet domestic needs of the country.
