Former finance minister Miftah Ismail has warned that diesel prices in Pakistan could surge to an unprecedented Rs. 616 per litre next week if the government does not urgently revise the existing petroleum pricing mechanism.
The former finance minister claimed that the National Refinery Limited and Attock Refinery Limited have delayed their board meetings to April 29 to hide their unusually high profits earned if the government again increases fuel prices in the coming days.
In a post on X (formerly Twitter), Ismail shared projections based on estimates attributed to Pakistan State Oil (PSO).
According to the projection, the current pricing formula overseen by the Oil and Gas Regulatory Authority (OGRA) may automatically push diesel prices sharply higher unless immediate policy adjustments are introduced.
Calling the situation a “self-inflicted disaster,” Miftah said austerity alone would not prevent economic damage and urged both regulators and the government to demonstrate stronger policy management to shield consumers from extreme fuel costs.
He said diesel prices could reach Rs. 616 per litre under the existing calculation formula. Miftah said this is due to pricing adjustments tied to global oil movements, exchange rate pressures, and refinery margins.
Not surprised. They don’t like paying taxes for that reason