Petroleum Minister Ali Pervaiz Malik said on Saturday that the recent increase in petroleum prices was a compelled decision taken in line with commitments made to the IMF.
Addressing a media briefing in Islamabad, the federal petroleum minister said the measure was necessary to secure approval of the next IMF tranche. He said the government raised fuel prices in view of assurances given to the IMF, despite limited fluctuation in the international market.
Malik said the government had to restore the Petroleum Development Levy to its full level. He termed the move a difficult decision and said no one was pleased with the increase in prices.
The petroleum minister said the government would reduce petroleum prices as soon as rates declined in the international market.
He assured the public that relief would be provided at the earliest once global oil prices eased.
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