'They Have Reserves, We Don't': Pakistan Admits India's Upper Hand As Fuel Crisis Worsens | WATCH

“Now, with diesel prices rising up to 3-4 times, we decided to reduce the levy to zero on diesel and shift the entire burden to petrol while protecting motorcyclists by giving them targeted subsidy. However, had we broken our commitment with IMF and increased our losses, the consequences would have been worse. We conducted backchannel negotiations with IMF and convinced them to reduce levy by Rs 80 per litre,” he said.