Islamabad June 2 2022: Government increases prices of petroleum products by Rs 30 per liter to meet IMF conditions from tonight as per finance minister of Pakistan.
Miftah Ismail said that after the price hike, new price of will be Rs 209.86 per liter for petrol , Rs 204.15 per liter for diesel and Rs 178.31 per liter for light diesel. While, price of Kerosene to be increased by Rs 26.38 from June 3, 2022.
Addressing a press conference in Islamabad, Federal Minister for Finance Muftah Ismail said that from day one I have been saying that increase in prices of petroleum products is inevitable. The government has decided to increase the price of petrol, diesel and kerosene oil by Rs 30 per liter. New prices for petroleum products will be effective tonight at 12 noon.
With this increase in petroleum prices subsidy on Petrol is reduced to Rs 9.02 per liter, High Speed Diesel to Rs 23.05 per liter and Light Diesel Oil to Rs 8.08 per liter.
The government has already increased petroleum prices by Rs 30 per liter on May 27 2022.
IMF in a statement at the conclusion of talks with Pakistan stressed for taking concrete policy actions, including in the context of removing fuel and energy subsidies and the FY2023 budget, to achieve program objectives.
This measure will help to narrow divergence and corrections required in the current account and fiscal deficit identified during the meetings.
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