Finance Minister Miftah Ismail on Sunday said the government would not increase the petrol prices "for now", amid reports that the petrol price would shoot to Rs195 a litre after the curtailment of fuel subsidies.

"I am not saying we will not increase the fuel prices. But, for now, we are not increasing the petrol price. PM Shehbaz has asked me not to increase the fuel prices," he said while addressing a press conference in Islamabad.

The finance czar would be part of the delegation going to Qatar for talks with the International Monetary Fund. Miftah expressed hope the talks would be fruitful for the country.

"You don't have to stand in a queue outside petrol stations. We have no intention to increase petrol prices," he said, adding that the government would adjust the price in the future.

"But due to changing circumstances and international oil prices, we may have to revisit our decision soon," the minister said in a ststement on Twitter after his press conference.

He reiterated his accusations against the PTI for leading the country toward a landmine and making "impossible promises" with the global lender.

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

Ismail said that the dollar was at Rs115 during the PML-N's previous tenure, but it surged to Rs189 during the four-year term of the PTI’s government.

"The PTI-led government brought the country to the brink of economic disaster," he said adding that the incumbent government was trying to mend the situation.