In order to meet the IMF’s concerns, the government has postponed implementing the cheap petrol programme. Musaddiq Malik, the minister of state for petroleum, stated to SAMAA in Islamabad that we might not have been able to adequately communicate our stance to the IMF over the cheap petrol programme. Malik announced the good news of a noticeable decline in petroleum product prices as a result of an increase in oil imports from Russia, but he held back for the time being on divulging the specifics of the arrangement. He claimed to be ordering an oil shipment from Russia. Although the financial terms of the agreement are still confidential, the increase in oil imports from Russia will result in a noticeable decrease in pricing.
The issue of investment of up to $ 14 billion in refineries would be resolved in a few months, according to the Minister of State for Petroleum, who stated that one approach is to enhance the current refineries. Establishing newly approved refineries is the second policy.
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According to Musaddiq Malik, the Ministry of Finance’s fears about modernising outdated refineries would be allayed, and as a result, petrol and diesel will be less expensive.
