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Miftah Ismail defends petrol price hike after strong backlash from Nawaz Sharif, Asif Zardari

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  • "I stand behind every decision of the government," Miftah says.
  • Nawaz, Zardari disagree with decision to raise petrol price.
  • Miftah says International Monetary Fund's programme "started".
ISLAMABAD: Finance Minister Miftah Ismail defended on Tuesday the federal government's decision to hike the price of petrol after backlash from his party's supremo Nawaz Sharif and a strong coalition partner — PPP.

The government jacked up Monday night the price of petrol by Rs6.72 per litre for the next fortnight, taking it to 233.91 per litre, while the rate of diesel was also moved up to 244.44 per litre.

In his press conference today, the finance minister clarified that he had not stated that he would not be increasing the price of petroleum products.

Related items​


"I had never said that I will not increase the price of petrol, I had stated that I will not be imposing taxes [on petroleum products] further," Miftah said.

"I stand behind every decision of the government with full responsibility," the finance minister said, noting that no economic decision was taken without his input.

Finance Minister Miftah Ismail addressing a press conference in Islamabad, on August 16, 2022. — YouTube/PTVNewsLive
Finance Minister Miftah Ismail addressing a press conference in Islamabad, on August 16, 2022. — YouTube/PTVNewsLive

Zardari and Nawaz's reservations​

Miftah also said that he respects the PPP leadership and would address their reservations over the decision related to the prices of petroleum products.

In his statement, PPP Co-chairman Asif Ali Zardari criticised the government for increasing the prices despite a massive appreciation in rupee value and a decline in international oil prices.

Expressing concern over the development, the former president said the PPP is a part of the government and supports it, but there must be consultations on such decisions.


“We are all here in this government to give relief to the people and that should be our top priority. We are with the prime minister and will meet him soon and talk about the economic team.”

The government's decision invited a lot of criticism from the public. Citizens are of the view that the prices of petroleum products are on a downward slope all over the world but their prices are being increased in Pakistan.

As people vented out their views on the government's decision, a user on Twitter tagged Maryam Nawaz and requested her to "speak to Mian Nawaz Sharif to take notice of the increase in the price of petrol."

Replying to the user, Maryam wrote: "Mian Sahib strongly opposed this decision. He even said that I cannot burden the people with one more penny."


She said her father stressed that he was not on board and that if the government was bound by some constraint, it should go ahead with the increase. Maryam said the PML-N supremo disowned the POL increase decision and left the meeting.

IMF programme 'started'​

Before discussing the petrol prices, Miftah had said that the dollar was in the government's control after July 17, and it would gradually depreciate against the rupee.

The finance minister said the International Monetary Fund's (IMF) programme had "started". Once the government sends the Letter of Intent (LoI) back to the Fund, its executive board will meet and give its approval for the dispersal.

He reiterated that the executive board was scheduled to meet later this month — August 29 — for considering Pakistan's request to approve the seventh and eighth reviews and release a tranche of $1.17 billion under the Extended Fund Facility (EFF).

The finance minister also castigated the Imran Khan-led government for "moving away" from the agreement and conditions it had set with the IMF for the loan dispersal.

"Imran Khan did not target us (the incoming government), but he targeted Pakistan's economy," Miftah said, indicating the previous regime's decision to give petroleum subsidies.

Miftah added that it was always his belief that once the imports fall, the rupee will ultimately strengthen. "We imposed a ban on non-essential commodities."

He slammed the previous government for leaving a circular debt of Rs1,500 billion. "You (the PTI) left a current account deficit which was more than Gen Pervez Musharraf's tenure."

How are petrol prices determined?​

After coming under severe criticism, the finance minister explained how petrol prices are calculated.

Responding to senior journalist Hamid Mir on Twitter, Finance Minister Miftah Ismail said the government has not imposed any tax on petroleum products.

Miftah Ismail explained that the Oil and Gas Regulatory Authority (OGRA) takes the average of Platt prices, adds freight and premium paid by PSO on top of these prices, and multiplies that by the exchange rate.


In addition, he added, it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.

The minister said that the government has not added any new tax or levy to the price.


“The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged.”

The ‘easy target’​

Clarifying his position, the minister said that he did not say that the price will not be increased.

“Mir sahib I said I will not add one penny of new taxes or levies to the price. And I have not. But you know Hamid sahib that the fuel price summary is moved by OGRA and sent to Finance division through the Petroleum division. We get it only a few hours before prices are set.”

Miftah Ismail said, “I am an easy target. Which is fine. But this price change only reflects the change in PSO costs and doesn’t have any new taxes.”


He further added that people are welcome to critique or criticise him.

“I know I am sincere to my country and have saved it from default & working to the best of my ability.”
 
.
Mian sahab expressed displeasure and left the meeting but Miftah still stood up to NS.

Khuda kay wastay yeh logon ko chuttu banana band karo.

I don't know your background or anything, but if you get a chance sometime, then talk to someone who has actually sat in a meeting of N league and then ask them keh how much room there is for dissent within N.
 
.
Fools Nightmare khud to tum chutia ho he whether by choice or ignorance but don't expect this chutiaism to stand with the rest.
I mean is this a fuckin joke that PMLN is trying to play here, First of all, in what capacity was
a convicted Felon doing in an official meeting? Secondly, PMLN does not shit without getting a nod from this criminal sitting in London and here it wants awaam to believe this nonsense going on.
 
.
I agree with Miftah here. Petrol prices need to be higher in Pakistan. They should be matched to international prices plus taxes etc. On this, I agree with Miftah and this current govt.

I disagree with this govt on how they played the politics of inflation before against PTI. I disagree with our country’s political economy and the overwhelming emphasis on “mehengai”. I also think that we should increase the price of gas to that of what it costs us to procure LNG on international market. If nothing else, this will make our local gas production more profitable and we may actually not need to import gas anymore after exploration and development of local fields becomes competitive.
 
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Is it just me or this guy Miftah looks like a daft cartoon who has 0 knowledge about economy works?
 
. .
View attachment 871132
  • "I stand behind every decision of the government," Miftah says.
  • Nawaz, Zardari disagree with decision to raise petrol price.
  • Miftah says International Monetary Fund's programme "started".
ISLAMABAD: Finance Minister Miftah Ismail defended on Tuesday the federal government's decision to hike the price of petrol after backlash from his party's supremo Nawaz Sharif and a strong coalition partner — PPP.

The government jacked up Monday night the price of petrol by Rs6.72 per litre for the next fortnight, taking it to 233.91 per litre, while the rate of diesel was also moved up to 244.44 per litre.

In his press conference today, the finance minister clarified that he had not stated that he would not be increasing the price of petroleum products.

Related items​


"I had never said that I will not increase the price of petrol, I had stated that I will not be imposing taxes [on petroleum products] further," Miftah said.

"I stand behind every decision of the government with full responsibility," the finance minister said, noting that no economic decision was taken without his input.

Finance Minister Miftah Ismail addressing a press conference in Islamabad, on August 16, 2022. — YouTube/PTVNewsLive
Finance Minister Miftah Ismail addressing a press conference in Islamabad, on August 16, 2022. — YouTube/PTVNewsLive

Zardari and Nawaz's reservations​

Miftah also said that he respects the PPP leadership and would address their reservations over the decision related to the prices of petroleum products.

In his statement, PPP Co-chairman Asif Ali Zardari criticised the government for increasing the prices despite a massive appreciation in rupee value and a decline in international oil prices.

Expressing concern over the development, the former president said the PPP is a part of the government and supports it, but there must be consultations on such decisions.


“We are all here in this government to give relief to the people and that should be our top priority. We are with the prime minister and will meet him soon and talk about the economic team.”

The government's decision invited a lot of criticism from the public. Citizens are of the view that the prices of petroleum products are on a downward slope all over the world but their prices are being increased in Pakistan.

As people vented out their views on the government's decision, a user on Twitter tagged Maryam Nawaz and requested her to "speak to Mian Nawaz Sharif to take notice of the increase in the price of petrol."

Replying to the user, Maryam wrote: "Mian Sahib strongly opposed this decision. He even said that I cannot burden the people with one more penny."


She said her father stressed that he was not on board and that if the government was bound by some constraint, it should go ahead with the increase. Maryam said the PML-N supremo disowned the POL increase decision and left the meeting.

IMF programme 'started'​

Before discussing the petrol prices, Miftah had said that the dollar was in the government's control after July 17, and it would gradually depreciate against the rupee.

The finance minister said the International Monetary Fund's (IMF) programme had "started". Once the government sends the Letter of Intent (LoI) back to the Fund, its executive board will meet and give its approval for the dispersal.

He reiterated that the executive board was scheduled to meet later this month — August 29 — for considering Pakistan's request to approve the seventh and eighth reviews and release a tranche of $1.17 billion under the Extended Fund Facility (EFF).

The finance minister also castigated the Imran Khan-led government for "moving away" from the agreement and conditions it had set with the IMF for the loan dispersal.

"Imran Khan did not target us (the incoming government), but he targeted Pakistan's economy," Miftah said, indicating the previous regime's decision to give petroleum subsidies.

Miftah added that it was always his belief that once the imports fall, the rupee will ultimately strengthen. "We imposed a ban on non-essential commodities."

He slammed the previous government for leaving a circular debt of Rs1,500 billion. "You (the PTI) left a current account deficit which was more than Gen Pervez Musharraf's tenure."

How are petrol prices determined?​

After coming under severe criticism, the finance minister explained how petrol prices are calculated.

Responding to senior journalist Hamid Mir on Twitter, Finance Minister Miftah Ismail said the government has not imposed any tax on petroleum products.

Miftah Ismail explained that the Oil and Gas Regulatory Authority (OGRA) takes the average of Platt prices, adds freight and premium paid by PSO on top of these prices, and multiplies that by the exchange rate.


In addition, he added, it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.

The minister said that the government has not added any new tax or levy to the price.


“The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged.”

The ‘easy target’​

Clarifying his position, the minister said that he did not say that the price will not be increased.

“Mir sahib I said I will not add one penny of new taxes or levies to the price. And I have not. But you know Hamid sahib that the fuel price summary is moved by OGRA and sent to Finance division through the Petroleum division. We get it only a few hours before prices are set.”

Miftah Ismail said, “I am an easy target. Which is fine. But this price change only reflects the change in PSO costs and doesn’t have any new taxes.”


He further added that people are welcome to critique or criticise him.

“I know I am sincere to my country and have saved it from default & working to the best of my ability.”
Oh really pmln folks are all Drama baz they are jokers what did Maryam say today about Nawaz Sharif was annoyed and left the meeting.🤣🤣🤣how can anyone on earth believe what she says😂😂😂.this is a party of clowns 🤡
 
.
I agree with Miftah here. Petrol prices need to be higher in Pakistan. They should be matched to international prices plus taxes etc. On this, I agree with Miftah and this current govt.

OK. But price of cooking oil in Pakistan is not higher than neighboring countries, check their prices, after currency conversion, prices will be higher in Pak.

Prices of vegetables, meat, rice, flour is not higher in Pak than others.

Oh really pmln folks are all Drama baz they are jokers what did Maryam say today about Nawaz Sharif was annoyed and left the meeting.🤣🤣🤣how can anyone on earth believe what she says😂😂😂.this is a party of clowns 🤡
I have heard Miftah announced increase the price of petrol, Nawaz got angry, and he jumped in the gutter.
 
. . .
Mian sahab expressed displeasure and left the meeting but Miftah still stood up to NS.

Khuda kay wastay yeh logon ko chuttu banana band karo.

I don't know your background or anything, but if you get a chance sometime, then talk to someone who has actually sat in a meeting of N league and then ask them keh how much room there is for dissent within N.
Good cop, bad cop.
 
.
price of cooking oil in Pakistan

Should be 1000 rupees per litre.

Pakistanis consume highest amount of cooking oil per capita in entire South Asia and one of the highest in the entire world. We need to reduce our consumption for better health.
 
.
View attachment 871132
  • "I stand behind every decision of the government," Miftah says.
  • Nawaz, Zardari disagree with decision to raise petrol price.
  • Miftah says International Monetary Fund's programme "started".
ISLAMABAD: Finance Minister Miftah Ismail defended on Tuesday the federal government's decision to hike the price of petrol after backlash from his party's supremo Nawaz Sharif and a strong coalition partner — PPP.

The government jacked up Monday night the price of petrol by Rs6.72 per litre for the next fortnight, taking it to 233.91 per litre, while the rate of diesel was also moved up to 244.44 per litre.

In his press conference today, the finance minister clarified that he had not stated that he would not be increasing the price of petroleum products.

Related items​


"I had never said that I will not increase the price of petrol, I had stated that I will not be imposing taxes [on petroleum products] further," Miftah said.

"I stand behind every decision of the government with full responsibility," the finance minister said, noting that no economic decision was taken without his input.

Finance Minister Miftah Ismail addressing a press conference in Islamabad, on August 16, 2022. — YouTube/PTVNewsLive
Finance Minister Miftah Ismail addressing a press conference in Islamabad, on August 16, 2022. — YouTube/PTVNewsLive

Zardari and Nawaz's reservations​

Miftah also said that he respects the PPP leadership and would address their reservations over the decision related to the prices of petroleum products.

In his statement, PPP Co-chairman Asif Ali Zardari criticised the government for increasing the prices despite a massive appreciation in rupee value and a decline in international oil prices.

Expressing concern over the development, the former president said the PPP is a part of the government and supports it, but there must be consultations on such decisions.


“We are all here in this government to give relief to the people and that should be our top priority. We are with the prime minister and will meet him soon and talk about the economic team.”

The government's decision invited a lot of criticism from the public. Citizens are of the view that the prices of petroleum products are on a downward slope all over the world but their prices are being increased in Pakistan.

As people vented out their views on the government's decision, a user on Twitter tagged Maryam Nawaz and requested her to "speak to Mian Nawaz Sharif to take notice of the increase in the price of petrol."

Replying to the user, Maryam wrote: "Mian Sahib strongly opposed this decision. He even said that I cannot burden the people with one more penny."


She said her father stressed that he was not on board and that if the government was bound by some constraint, it should go ahead with the increase. Maryam said the PML-N supremo disowned the POL increase decision and left the meeting.

IMF programme 'started'​

Before discussing the petrol prices, Miftah had said that the dollar was in the government's control after July 17, and it would gradually depreciate against the rupee.

The finance minister said the International Monetary Fund's (IMF) programme had "started". Once the government sends the Letter of Intent (LoI) back to the Fund, its executive board will meet and give its approval for the dispersal.

He reiterated that the executive board was scheduled to meet later this month — August 29 — for considering Pakistan's request to approve the seventh and eighth reviews and release a tranche of $1.17 billion under the Extended Fund Facility (EFF).

The finance minister also castigated the Imran Khan-led government for "moving away" from the agreement and conditions it had set with the IMF for the loan dispersal.

"Imran Khan did not target us (the incoming government), but he targeted Pakistan's economy," Miftah said, indicating the previous regime's decision to give petroleum subsidies.

Miftah added that it was always his belief that once the imports fall, the rupee will ultimately strengthen. "We imposed a ban on non-essential commodities."

He slammed the previous government for leaving a circular debt of Rs1,500 billion. "You (the PTI) left a current account deficit which was more than Gen Pervez Musharraf's tenure."

How are petrol prices determined?​

After coming under severe criticism, the finance minister explained how petrol prices are calculated.

Responding to senior journalist Hamid Mir on Twitter, Finance Minister Miftah Ismail said the government has not imposed any tax on petroleum products.

Miftah Ismail explained that the Oil and Gas Regulatory Authority (OGRA) takes the average of Platt prices, adds freight and premium paid by PSO on top of these prices, and multiplies that by the exchange rate.


In addition, he added, it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.

The minister said that the government has not added any new tax or levy to the price.


“The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged.”

The ‘easy target’​

Clarifying his position, the minister said that he did not say that the price will not be increased.

“Mir sahib I said I will not add one penny of new taxes or levies to the price. And I have not. But you know Hamid sahib that the fuel price summary is moved by OGRA and sent to Finance division through the Petroleum division. We get it only a few hours before prices are set.”

Miftah Ismail said, “I am an easy target. Which is fine. But this price change only reflects the change in PSO costs and doesn’t have any new taxes.”


He further added that people are welcome to critique or criticise him.

“I know I am sincere to my country and have saved it from default & working to the best of my ability.”

DRAMA IN REAL LIFE

Modify the heading to iclude the 'General Nani' statement about her intense pain for the poor people of Pakistan.
 
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