Pakistan’s finance minister, Miftah Ismail, announced a 17 percent hike in petrol and diesel prices at the pumps beginning on Friday. Both have been increased by 30 Pakistani rupees per litre.
Pakistan will decrease gasoline subsidies for the second time in a week in an effort to limit the budget deficit and receive bailout money from the International Monetary Fund.
According to media reports, petrol will be priced at 209.86 PKR, diesel at 204.15 PKR, kerosene oil at 181.94 PKR, and light diesel at 178.31 PKR following the current round of hikes. Only the price of kerosene oil was increased by less than 30 PKR.
On May 27, the Pakistani government raised the price of petroleum products by 30 PKR per litre, or one-fourth of the previous cost.
On the one hand, the action is intended to help defuse landmines set by previous Prime Minister Imran Khan’s government, and on the other, it will rescue the country from debt.
Ismail stated that the administration meets with the IMF on a daily basis and that “we cannot accept all of their requests,” but that “there are some areas that we must adhere to.”
Ismail, on the other hand, stated that the government will maintain sugar and wheat rates at 70 PKR per kg and 40 PKR per kg, respectively, in utility stores across the nation.