Cheap Petrol Scheme On Hold Until IMF Agrees: Petroleum Minister

Minister of State for Petroleum, Musadik Malik, announced on Wednesday that the implementation of the cost-effective petrol scheme has been postponed until concerns raised by the International Monetary Fund (IMF) are adequately addressed and resolved.

In an exclusive interview with a local news channel, the Minister acknowledged that there may have been a lack of effective communication in conveying the government’s stance on the cheap petrol scheme to the IMF.

The scheme, designed to offer affordable petrol prices to the public, has faced obstacles due to the IMF’s concerns regarding its potential impact on the country’s economy and fiscal stability.

“Prior to proceeding with the implementation of the cheap petrol scheme, the government is committed to taking all necessary measures to address the concerns raised by the IMF,” he stated.

Assuring a significant reduction in petroleum product prices, the Minister disclosed that an oil shipment is currently being ordered from Russia. However, specific details and updates regarding the commercial aspects of the deal are yet to be disclosed.

According to the Minister, two key policies are being pursued. The first policy focuses on upgrading the existing refineries, and the issue of capital injection, amounting to approximately $14 billion, is expected to be resolved within a few months.

The second policy revolves around the establishment of new refineries, which has already received approval. Further information regarding the timeline and specific locations of these refineries will be provided in due course.



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