The International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz, said on Tuesday that Pakistan has completed the last prior action required for the Fund’s combined seventh and eighth review by raising the petroleum development levy (PDL).
In a statement issued, she said, “With the increase in PDL on July 31, the last prior action for the combined seventh and eighth review has been met.
The [Executive Board] meeting is tentatively planned for late August once adequate financing assurances are confirmed.” The government had on Sunday increased the rate of PDL on all products to meet an outstanding pre-condition of the IMF.
According to an announcement by the finance ministry, the rate of petrol was cut by Rs3.05 per litre while the prices of high-speed diesel (HSD) and kerosene were jacked up by Rs8.95 and Rs4.62 per litre, respectively.
The PDL was raised by Rs10 on petrol and by Rs5 each on HSD, kerosene and light diesel oil (LDO). From Aug 1, the PDL on petrol stood at Rs20 while it was Rs10 on HSD, kerosene and LDO.