ISLAMABAD: Virtual negotiations between Pakistan and the International Monetary Fund (IMF) are ongoing, with the IMF urging the government to immediately adjust petrol and diesel prices in line with rising global oil rates.
The IMF emphasized that Pakistan should avoid providing any subsidy on petroleum products and ensure that key fiscal targets are met. Authorities are also urged to quickly pass on increases in international petroleum prices to domestic consumers.
The IMF highlighted the need to meet the petroleum development levy (PDL) target of Rs1,468 billion by June 30. Rs822 billion has already been collected from July to December, accounting for more than 60% of the total target.
Discussions also included energy conservation measures. Schools and colleges may shift to online classes in the first phase, while universities and government offices could adopt smart working arrangements. Authorities are considering fixed opening and closing times for shops and markets and promoting delivery services for large retail outlets and restaurants to reduce energy consumption.
Officials emphasized that petroleum reserves are currently at satisfactory levels but are closely monitoring global energy markets. Measures to prevent hoarding and illegal transfer of petroleum products have also been proposed to ensure fuel availability and stability in the domestic market.
