Pakistan: Petrol and diesel prices increased once again amid economic crisis
This was the fourth increase in petroleum products during the tenure of Shahbaz Sharif government, which took power in April.
India’s neighboring country Pakistan is currently facing a tremendous economic crisis. In such a situation, the Government of Pakistan has increased the prices of petroleum products according to the conditions set by the International Monetary Fund (IMF). Since the implementation of this decision, the price of all petroleum products has been increased by about Rs 14 to 19 per liter. The government has taken this step in the hope of restoring a relief package of six billion rupees from the IMF amid the cash crunch.
According to a notification issued by Pakistan’s Finance Ministry on Thursday, the government has imposed a duty of Rs 10 per liter on petrol and Rs 5 per liter on high-speed diesel, kerosene and light diesel oil. As a result, the price of petrol has increased by Rs 14.85 per liter, HSD by Rs 13.23 per liter, kerosene by Rs 18.83 per liter and LDO by Rs 18.68 per litre. Petrol ex-depot in Pakistan is now priced at Rs 248.74 per litre, high-speed diesel Rs 276.54, kerosene at Rs 230.26 and light diesel oil at Rs 226.15.
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 said the price hike was to restore the IMF relief programme, which was delayed by four months after the previous Imran Khan-led government suspended contracts.
The IMF has put conditions for restarting the relief package, such as raising electricity rates and levying tariffs on petroleum products. Once these conditions are met, the IMF will submit its request to the Executive Board to approve the loan installment and Pakistan’s request to restart the programme. This process may take another month. On 22 June, Pakistan signed 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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