Business

Inflation hit again on the people of Pakistan, huge increase in the price of petrol

Photo:India TV

Pakistan

Highlights

  • This increase has been done to restore the IMF relief program
  • This is the fourth increase in petroleum products since April.
  • Petrol in Pakistan now Rs 248.74 per liter

Pakistan The government of the United States has increased the prices of petroleum products as per the conditions laid down by the International Monetary Fund (IMF). Pakistan, which is facing economic crisis, has no other option. Since the implementation of this decision, the prices of all petroleum products have increased by about Rs 14 to 19 per liter. The government has taken this step in the hope of restoring a relief package of $ 6 billion from the IMF amid cash crunch.

Petrol price hiked by about Rs 15

According to a notification issued by the Pakistan Finance Ministry on Thursday, the government has imposed petroleum duty of Rs 10 per liter on petrol and Rs 5 per liter on high-speed diesel (HSD), kerosene and light diesel oil (LDO). Due to this, the price of petrol has increased by Rs 14.85, HSD by Rs 13.23, kerosene by Rs 18.83 and LDO by Rs 18.68 per litre. The ex-depot of petrol in Pakistan is now Rs 248.74 per liter, HSD Rs 276.54, Kerosene Rs 230.26 and LDO Rs 226.15.

Prices increased four times since April

This is the fourth increase in petroleum products during the tenure of the Shahbaz Sharif government, which took power in April. Finance Minister Miftah Ismail told reporters that the hike was to restore the IMF relief program, which was suspended four months ago after the previous Imran Khan-led government backed out of agreements signed.

IMF had put a condition before giving loan

The IMF has put strict pre-conditions for restarting the relief package like increasing electricity rates and imposing duty on petroleum products. After these conditions are implemented, the IMF will submit to its Executive Board Pakistan’s request for the approval of the loan tranche and the revival of the programme. This process may take another month. On June 22, Pakistan inked an agreement with the IMF to restore the stalled $6 billion aid package and open the way for funding from other international sources.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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