ISLAMABAD - Succumbing to the International Monetary Fund (IMF) pressure, the government again increased the petroleum prices in order to save its credit line from the Fund including existing standby loan of $7.6 billion and request for another $4.5 billion. The relief given to masses after the Supreme Courts suspension of carbon tax, proved to be short-lived as the government early Thursday morning re-imposed the same amount of tax on petroleum products by changing its name back to the Petroleum Development Levy. According to sources privy to Pakistan-IMF talks underway in Turkey, the International Monetary Fund had threatened not only to discontinue the ongoing parleys but also to scratch down the 23-month standby loan of $7.6 billion. The programmed loans third tranche amounting to $850 million that the government was hoping to get after the ongoing review talks,and which was due to be paid in May, is already in doldrums The sources told The Nation that IMF delegation was furious after getting the news that the government had withdrawn the carbon tax even temporarily and that too on apex courts directions. Although the IMF has already declared that it had not required the government to impose carbon tax but piling up of price differential claim of the Oil Marketing Companies (OMCs) was a cause of concern for them, the sources added. Since the IMF finds no fiscal space with the government to pay price differential claims to the OMCs, the government had no option but to resort back to the re-imposition of once abolished PDL through an ordinance. According to the sources, the governments bizarre way of revising the prices upward again within 24 hours was clearly indicative of the pressure mounted by the IMF against downward revision. Besides, the sources added, the IMF has also asked the government to suggest ways to recover whatever loss incurred in one day, the precise duration of decreased prices of petroleum products with carbon tax. Consequent upon the promulgation of the ordinance the Oil and Gas Regulatory Authority issued notification Thursday morning but it was dated Wednesday July 8, 2009. The OGRAs latest notification again added the amount of tax at the rate of Rs 10, Rs 8, and Rs 6 per litre on premium motor gasoline, diesel, and kerosene respectively brining their prices back to the level of July 1, 2009. Even most of the retail dealers in Islamabad got the information of upward revision in petroleum products prices at 0800 hours Thursday. According to OGRAs latest notification, the price of Motor Spirit has gone up from Rs 50.53 to Rs 62.13 indicating an increase of nearly 23 per cent. Similarly, Kerosene has been jacked back from Rs 52.39 per litre to Rs 59.35 up by over 13 per cent. Likewise, Rs 8 per litre tax came back on diesel, too, its sale price surged to Rs 62.65 the level of July 1, 2009.