According to Miftah Ismail, the price of gasoline would continue to rise.

ISLAMABAD – Finance Minister Miftah Ismail warned on Tuesday that the price of petroleum in Pakistan would rise further following a tremendous spike of Rs60 in the previous ten days.

Ismail said in his talk to the one-day pre-budget convention held that if the government had followed ex-prime minister Imran Khan and former finance minister Shaukat Tarin's contract with the International Monetary Fund (IMF), petrol would have cost Rs300 per litre.

The previous government had agreed with the IMF not to grant subsidies," the finance minister added, criticising Khan's government for mucking up the country's economic policy.

Read more: The government has increased the price of petrol

"The IMF has demanded that all subsidies for POL products be removed completely. When the subsidy ends, the government will be forced to get  taxes and a petroleum levy "According to the newspaper, a subsidy of Rs9.32 per litre on petrol and Rs23.05 per litre on diesel remains in place.