After the increase, the price of petrol will be at Rs 179.85, diesel at Rs 174.15, kerosene at Rs 155.95 and light diesel at Rs 148.41
Representative Image
The Pakistan government Thursday announced to increase the prices of petroleum products by Rs 30 per litre, with the hike set to go into effect at midnight. After the increase, the price of petrol will be at Rs 179.85, diesel at Rs 174.15, kerosene at Rs 155.95 and light diesel at Rs 148.41.
ADVERTISEMENT
Finance Minister Miftah Ismail made the announcement at a press conference here, a day after the talks between the Pakistan government and the International Monetary Fund (IMF) in Qatar failed to reach an agreement on an economic bailout and the and the IMF staff-level agreement for the revival of the USD 6 billion programme ended.
'New prices will be effective from midnight," Ismail said. The IMF in a handout on Wednesday emphasised upon 'urgency of concrete policy actions, including removing fuel and energy subsidies'. Miftah said it has become indispensable to shift the fuel price burden on the masses as the IMF had refused to give 'any relief' until the fuel subsidy was removed.
The previous Imran Khan government in February had capped the prices of petroleum products until June despite having an agreement with the IMF to increase the prices. When his government was removed in April, the new government needed IMF support but it was in fix over the issue of hiking the prices. However, after the final refusal by the fund to release any funds until the prices were revised upward, the government took the bitter pill.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
