The government of Pakistan has decided to increase the petrol price by Rs.30 from tonight. Finance Minister Miftah Ismail announced this at a press conference in Islamabad. “The government has decided to increase the price of Petrol, High-Speed Diesel, Kerosene Oil, and Light Diesel Oil by Rs 30 a liter from Friday, May. 27, 2022. New prices will take effect at midnight. Furthermore, the new petrol price will be Rs 179.86 and diesel will be Rs 174.15 a liter, ”the Finance Minister on Twitter said.
New prices :
- Petrol — Rs179.86
- Diesel — Rs174.15
- Kerosene oil — Rs155.56
- Light diesel — Rs148.31
For a better National Economy:
The Minister of Finance said Prime Minister Shehbaz Sharif had taken this difficult decision with the ultimate goal of the country’s economy. Moreover, he said this was a difficult decision for the government to impose on the entire community such a burden. However, Miftah said new prices include Petrol for Rs. 179.86 liters, High-Speed Diesel for Rs. 174.15, Paraffin for Rs. 155.56, and Light Diesel for Rs. 148.31 liters. Furthermore, he said the government provides Rs. Fifty-six liters of subsidies on petroleum products as the previous government had fixed these prices. Miftah said the decision was to revive the International Monetary Fund’s $ 6 billion programs. The increase comes just days after the government and the IMF failed to reach a bailout agreement due to doubts about fuel and electricity and uncertainty over the 2022-23 financial year budget.
The PTI-led government initially approved the IMF’s request to increase the price of electricity and petrol products. However, later in March, Imran Khan announced funding for both assets – and the current government is still pursuing a similar plan. Furthermore, the finance minister said that after the decision to increase prices, financial markets would be stable, the rupee would be stronger, and the economy would grow.
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