Higher oil prices part of IMF prerequisites

The Pakistani government has sharply hiked oil prices to implement tough preconditions set by the International Monetary Fund (IMF) to reinvigorate the stalled $6 billion bailout for the cash-strapped country.

Prices for all petroleum products rose by around Rs 14-19 per liter after the decision came into force from midnight on Thursday.

According to a notification issued by the Ministry of Finance, the government has imposed a petroleum tax of Rs 10 per liter on petrol and Rs 5 each on high speed diesel (HSD), kerosene and light diesel (LDO) .

As a result, the price per liter of gasoline has been increased by Rs 14.85, HSD by Rs 13.23, kerosene by Rs 18.83 and LDO by Rs 18.68.

The ex-deposit price of gasoline now stands at Rs 248.74 per litre, HSD at Rs 276.54, kerosene at Rs 230.26 and LDO at Rs 226.15.

Finance Minister Miftah Ismail told the media that the oil tax was imposed to revive the IMF program suspended four months ago after the previous government led by Imran Khan reneged on signed agreements. This is the fourth increase in the price of oil under the incumbent government which took power in April.

The IMF has set strict preconditions such as raising electricity tariffs and imposing a tax on petroleum products to revive the stalled bailout program.

The IMF Fund has also asked Pakistan to set up an anti-corruption task force to review all existing laws aimed at curbing corruption in government departments.

After implementing the conditions, the IMF would present Pakistan’s request for approval of the loan tranche and relaunch of the program to its board – a process that could take another month.

Cash-strapped Pakistan is facing growing economic challenges, with high inflation, dwindling foreign exchange reserves, a growing current account deficit and a depreciating currency.

On June 22, Pakistan reached an agreement with the IMF to reinstate the stalled $6 billion bailout package and open the doors to funding from other international sources.

The landmark deal was reached following the IMF staff mission and the Pakistani team, led by Finance Minister Ismail, agreeing on a deal on the 2022-23 budget after authorities have pledged to generate an additional Rs 43,600 crore and increase the oil tax. gradually up to Rs 50 per litre, Dawn newspaper reported.

The extended financing facility envelope of USD 6 billion was agreed in July 2019 for a period of 39 months. So far, only half of the promised money has been paid back.

Reviving the facility will provide immediate access to $1 billion, which Pakistan badly needs to bolster its dwindling foreign exchange reserves.

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