Finance Minister Miftah Ismail on Sunday announced that government has decided not to increase prices of petroleum products.

Addressing a press conference, Finance Minister said that government is not hiking the price today (Sunday) and asked public not to rush to petrol pumps in order to fill-up their fuel tanks.

The minister said that Prime Minister Shehbaz Sharif does not want to hike the prices as he is against putting additional burden on the masses.

He also claimed that incumbent government is funding subsidy provided by the PTI government and rejected statement of former finance minister Shaukat Tarin regarding setting aside funds for petroleum subsidy.

Talking about sugar price, Miftah Ismail said that government is providing cheap sugar and it has directed to further decrease the price of commodity. Government will not import sugar this year, he also announced.

Finance Minister also revealed that talks with International Monetary Fund (IMF) will be held in Qatar on May 18.