Petroleum prices did not increase much due to tax reduction: Asad Umar

ISLAMABAD: Finance Minister Asad Umar Monday said the prices of petroleum products did not increase much due to the reduction of government tax.

The remarks by the finance minister came at a ceremony in Islamabad, a day after the government increased the prices of petrol and diesel by Rs6 per litre.

Pakistan inflation hits 9.41 percent, highest in five years

Pakistan’s currency has lost over a quarter of its value over the past year

Speaking about inflation in the country, Umar claimed that it stood lower than where it was when the former Pakistan Peoples Party and Pakistan Muslim League-Nawaz government had taken over the reins of the country.

"There is no doubt that inflation is there, but it is lower than it was in 2008 and 2013," the minister said.

He went on to challenge the opposition to dig out all his speeches and he would answer all their questions.

Umar further said that Pakistan would get a three-year programme from the International Monetary Fund (IMF).

Regarding the next federal budget, he said it was recommended to be presented on May 24.