Ali Pervaiz Malik: Pakistan’s Petroleum Minister has remarked that there are major differences between Pakistan and its neighbour India under the leadership of Prime Minister Narendra Modi when it comes to the ongoing Middle East fuel crisis after oil prices reached $126 a barrel.
Ali Pervaiz Malik suggested that India is relatively stable compared to Pakistan because of adequate forex and strategic oil reserves. Malik said these two factors help Bharat absorb the oil disruption effects that have troubled the world because of the blockade in the Strait of Hormuz. Malik also commented that the strict IMF conditions is making things challenging for Pakistan’s economy.
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Ali Pervaiz Malik-Pak Minister Blames IMF Conditions
Malik, the Pakistan’s Petroleum Minister, commented that the stringent conditions imposed by the International Monetary Fund (IMF) on Pakistan were extremely troubling in nature. Malik said Pakistan had to enter into discussions with the IMF to provide relief to Pakistani people due to the rising oil prices.
Malik also commented that the Pakistani government decided to cut down on the levy on diesel prices to zero while shifting the entire burden to petrol while protecting motorcyclists through targeted subsidies. Malik said Pakistan did its level best to convince the IMF to reduce diesel levy by Rs. 80 a litre.
Malik added that Pakistan only has commercial reserves for 5-7 days unlike India that has reserves for 60-70 days.
Statement By Shehbaz Sharif
Recently, Pakistani Prime Minister Shehbaz Sharif slashed prices by Rs. 80 per litre and commented that it would be funded through petroleum levy. This came just a day after the Pakistani government increased the prices of both diesel and petrol, owing to rising global oil prices.
Shehbaz Sharif has urged Pakistani people to cut down on their travel and fuel expenditures so that the country does not face a fiscal crisis.
