The government has increased the petrol price by Rs 30 per litre with immediate effect.
Federal Finance Minister Miftah Ismail told a press conference that the IMF program could not move forward without raising the prices of petroleum products. Following a Rs 30 per litre increase in the price of Petrol the new price will be Rs 179.86.
The price of high-speed diesel (HSD) was also increased by Rs 30 per litre and will now cost Rs 174.15 per litre.
The minister said Prime Minister Shehbaz Sharif has taken this difficult decision in the larger interest of the national economy. He said that it is a hard decision for the government to impose such kind of burden on the general public.
He said the government is providing 56 rupees per litre subsidy on petroleum products as the previous government had fixed these prices which caused to increase in inflation in the country.
Miftah Ismail said that IMF Program cannot be approved for Pakistan without an increase in petroleum prices.
Earlier, the International Monetary Fund (IMF) urged Pakistan to end subsidies on electricity and petroleum products to revive the program.
The IMF issued a statement according to which the IMF mission, led by Nathan Porter, held virtual and direct talks with Pakistani officials on policies to ensure economic stability and sustainable growth in Pakistan from May 18 to May 25.
For all the latest updates and news, visit CxO Global FORUM.
