The Pakistani government on Thursday announced to increase the price of petroleum products by RS 30 per liter, with an increase that will begin to take effect in the middle of the night.
After the increase, the price of gasoline will reach RS 179.85, Diesel at RS 174.15, kerosene in RS 155.95 and light diesel at RS 148.41. Minister of Finance Miftah Ismail made an announcement at a press conference here, the day after talks between the Pakistani government and the International Monetary Fund (IMF) in Qatar failed to reach an agreement on Economic Bailout and the IMF IMF Staff Level Agreement for the revival of the USD 6 billion program ended.
The new price will be effective starting at midnight, “said Ismail. IMF in leaflets on Wednesday emphasized the urgency of concrete policy actions, including eliminating fuel and energy subsidies.
Miftah said that it had become very necessary to shift the burden of fuel prices to the masses because the IMF had refused to provide assistance until the fuel subsidy was removed.
The previous Imran Khan government in February has limited the price of petroleum products until June despite having an agreement with the IMF to raise prices. When his government was removed in April, the new government needed IMF support but was in improving the problem of climbing prices.
However, after the last rejection by funds to release any funds until the price was revised upward, the government took the bitter pill.