ISLAMABAD: The Pakistani government has decided to maintain the prices of petroleum products, Finance Minister Miftah Ismail announced on Sunday, despite a burgeoning import bill. 

Pakistan revises petroleum prices every fortnight, but Prime Minister Shehbaz Sharif's government has maintained them since its formation a month ago. 

In February, the outgoing government of former prime minister Imran Khan deviated from the objectives of a $6 billion International Monetary Fund (IMF) program by announcing around $1.7 billion subsidies on petroleum and electricity prices. 

The program, which was secured in 2019, has disbursed $3 billion to the South Asian country so far, but has been stalled since the then government announced the relief in energy prices. 

"[We] have come to ease the lives of people and we will. Right now, the government does not have any intention to increase the petrol price," Ismail announced at a press conference in Islamabad. 

"Do not form up queues outside petrol pumps as the prices of diesel and petrol are not increasing." 

The development comes after Pakistan suffered $39.3 billion trade deficit from July till April due to the highest ever imports of $65.53 billion. The country's oil imports surged by 96 percent to $17.03 billion during this period, contributing 26 percent to the country’s overall imports, according to the Pakistan Bureau of Statistics (PBS). 

Ismail, however, said the government was aware of the present circumstances and it would successfully negotiate a deal with the IMF to overcome inflation. 

"We know what circumstances Pakistan is in. God willing, [we] will negotiate with the IMF and I am assuring you that we will amicably resolve the matters together with the IMF and overcome inflation," the minister said. 

But the minister said later on Twitter the government might have to soon “revisit” its decision to maintain the petroleum prices. 

"Let me amplify what I just said in my presser. The government will not raise POL prices today," he said. "But due to changing circumstances and international oil prices, we may have to revisit our decision soon."