Another massive increase of Rs 30 per litre in petrol prices

Petrol price crossed Rs 200 for the first time to reach at Rs 209.86 per litre and diesel at 204.15 per litre

The government has approved another massive increase of Rs30 per litre in the prices of petrol and diesel.  Finance Minister Miftah Ismail announced increase the price of petrol to Rs209.86 per litre and diesel Rs 204.15 per litre in a press conference today.

Prime Minister Shehbaz Sharif has approved hiking the rates of petrol, diesel, and light diesel by Rs30 per litre. However, the price of kerosene oil has increased by Rs26.38 per litre. The government has increased Rs 60 per litre in the prices of petrol and diesel in last two weeks.

To resume the IMF programme and to obtain more loans the government has massively burdened the ordinary people. A new wave of price hike will badly hit the working people and lower middle class. The low income people will be hardest hit by the price hike.

Kerosene oil is the only commodity which is not leading to losses for the government. However, we are facing losses of Rs8 on light diesel, Rs9 on petrol, and Rs23 on high-speed diesel," said Ismail. 

He acknowledged that the lower-income segment of society would be affected the most as a result of the petrol price hike, but noted that the rate of oil has also sky-rocketed in the international market.

In response to a question, the finance minister said he was hopeful of reaching an agreement with the IMF in June, but noted that there were some reforms that the government still had to do.

"The IMF wants to see our budget, so the reforms that we want to introduce will be introduced before the budget. However, we are speaking to the IMF on a daily basis," he said.

Ismail said the price hike was inevitable as he had to strike a deal with the international money lender as ex-finance minister Shaukat Tarin had "tied the government's hands" due to the agreements he made with the IMF during his tenure.

                              The new prices of petroleum products:

                              Petrol — Rs209.86 per litre

                        Diesel — Rs204.15 per litre

                        Light diesel — Rs178.31 per litre

                      Kerosene oil — Rs181.94 per litre


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