The government has increased Petrol and Diesel prices by 30 rupees per liter. However, on thursday, Finance Minister Miftah Ismail announced that the federal government had decided to increase the cost of all petroleum products by Rs30 just a week after a similar increase. However, at a press conference in Islamabad, the minister said that the new prices would affect tonight.
Talks with the IMF:
After the recent round of hikes, petrol will cost Rs209.86, diesel will cost Rs204.15, kerosene will cost R181.94, and less diesel will cost Rs 178.31. The price of kerosene only increased by less than Rs30. However, the government is still facing Rs 9 in petrol losses despite an increase of Rs30 as we do not pay petrol taxes. The minister added. Ismail said the govt hold talks with the IMF daily, adding that we cannot accept all their demands. Still, there are certain points that we must agree to.
Subsidy on petroleum products:
However, Ismail said the govt would ensure the stability of sugar and wheat prices at Rs70 per kilogram and Rs 40 per kilogram, respectively, at service stores. Moreover he stressed that the petrol subsidy announced by former Prime Minister Imran Khan had to be withdrawn to avoid financial losses.”No matter what the IMF says, the government will not sell petrol and diesel at a lower price. Moreover, “The minister said the government was “willing” to import oil from Russia as long as it “did not impose sanctions.”
Economic bailout:
The price hike comes after the government and the IMF failed to reach an economic recovery agreement mainly due to fuel and electricity shortages and the result of uncertainty over next year’s budget.
Protests against price hike:
The leaders of opposition groups have lashed out at the government for raising the price of petroleum products, saying it has a problem managing the economy. PTI chairman Imran Khan called on the people to come out and protest after Friday’s prayer against the government’s anti-humanitarian policy of raising prices to undermine society and the economy.
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