IMF asks Pakistan to remove fuel price distortions amid subsidy pressures

ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to eliminate distortions in petroleum pricing at the earliest, even though it had tacitly accepted the Rs152 billion subsidy cap extended by the federal government to consumers amid a historic global price surge following the US-Israel attacks on Iran and the closure of the Strait of Hormuz. Senior officials told Dawn that the staff-level agreement (SLA) announced by the IMF on March 29 remains intact, and that the Rs152 billion...