In response to a tweet by journalist Hamid Mir, he argued that the government had not imposed new taxes on petroleum products.
"The increase or decrease in prices is according to the purchasing by Pakistan State Oil (PSO)," he said.
Addressing a press conference in Islamabad later in the day, Ismail said he was a part of the meeting that deliberated on fuel prices, but added that it would not be "appropriate" for him to comment on anything more beyond that.
The finance minister proceeded to explain the mechanics behind the price increase and referring to a recent interaction with a journalist on fuel prices, explained that he had said nothing about increasing or decreasing prices.
Ismail said he stood behind the decision and said Prime Minister Shehbaz Sharif should be given credit too for bearing stress as a political leader and approving the price increases.
He added that the government's coalition allies should also be congratulated for "burning their political capital" for the country's sake and expressed the belief that the nation would understand.
Ismail said the economic situation was improving in Pakistan and in a better position than before, adding that further positive effects would be seen as the rupee's appreciation continued and brent prices went down.
Regarding developments related to the International Monetary Fund (IMF), he hoped that a board meeting would be held with it on August 29 and disbursement of funds would start then.
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