ISLAMABAD: Finance Minister Miftah Ismail said the price of petrol has been moved up by Rs30 to Rs209.86.
Addressing a press conference on Thursday Miftah Ismail that Prime Minister Shehbaz Sharif has approved hiking the price of petrol, diesel, and light diesel by Rs30 per litre, while the rate of kerosene oil has been hiked by Rs26.38 per litre.
“Government is still facing losses of Rs8 on light diesel, Rs9 on petrol, and Rs23 on high-speed diesel,” he said.
New price (per litre):
- Petrol — Rs209.86
- Diesel — Rs204.15
- Light diesel — 178.31
- Kerosene oil — Rs181.94
Miftah Ismail acknowledged that the lower-income segment of society would be affected the most as a result of the petrol price hike. He, however, said the rate of oil has also sky-rocketed in the international market.
Finance minister said he was hopeful of reaching an agreement with the IMF in June, adding there were some reforms that the government still had to do.
“The IMF wants to see our budget, so the reforms that we want to introduce will be introduced before the budget. However, we are speaking to the IMF on a daily basis,” he said.
Ismail said the price hike was inevitable as he had to strike a deal with the international money lender as ex-finance minister Shaukat Tarin had “tied the government’s hands” due to the agreements he made with the IMF during his tenure.
Subsides on edibles
In a bid to ease the effect of inflation on the masses, the finance minister said the government would try its best to keep the price of sugar fixed at Rs70 per kg and wheat at Rs40 per kg at the utility stores.
The finance minister said the government was giving subsides of Rs100 on cooking oil and Rs15 on rice and pulses at the utility stores across the country.
“The subsidies on cooking oil and ghee will continue for some time, but we will try to ensure — in line with PM Shehaz Sharif’s directions — to keep the rates of sugar and wheat fixed.”
Electricity prices
On today’s hike in electricity prices, the finance minister said he has “not seen” the National Electric Power Regulatory Authority’s (NEPRA) report as of yet, but assured that the increase would not reflect on June’s bills.
NEPRA has raised the basic power tariff by Rs7.9078/kWh for the next fiscal year 2022-23, increasing the burden of inflation on the people of Pakistan.
Currently, the basic power tariff is Rs16.91 per unit, and with an increase of Rs7.9078 per unit, it will be more than Rs24 per unit.
Slamming the Imran Khan-led government, the finance minister said his government had installed “land mines” for the incumbent due to the policies they had made.
Ismail said the PTI government did not make “any decisions” that were fruitful for the country’s economy, left historic loans, and his policies were leading to depletion in the foreign exchange reserves.
