ISLAMABAD: Finance Minister Miftah Ismail has announced a huge increase of Rs30 per liter in the price of petroleum products on the day the PTI chairman Imran Khan announced abrupt end to Azadi March in Islamabad on May 26 morning. The government has raised domestic petroleum prices after the International Monetary Fund (IMF) linked resumption of loan abolition of subsidies on petrol, electricity and other items.
Addressing a press conference, Miftah Ismail said the government has decided to hike the price of petrol, diesel, kerosene oil, and light diesel by Rs30, effectively from May 27 (midnight of May 26).
New prices (per litre):
- Petrol — Rs179.86
- Diesel — Rs174.15
- Kerosene oil — Rs155.56
- Light diesel — Rs148.31
The finance minister noted some burden was shifted on the masses, but despite the massive increase in the price of petroleum products, the government was still bearing losses, but vowed to soon strike a staff-level agreement with the Fund.
Pakistan and the IMF could not reach a staff-level agreement a day earlier after the Fund said there were deviations from the policies that were agreed between both sides.
The PTI-led government had originally agreed to the IMF’s demand of raising the price of electricity and petroleum products but, later in March, Imran Khan announced subsidies on both commodities — and the current government was continuing with the same arrangement.
The finance minister noted that following the decision to hike the prices, financial markets would witness stability, the rupee would strengthen, and the economy would get a boost.
