ISLAMABAD, June 01(ABC): The federal government Tuesday approved keeping the prices of petroleum products unchanged, a notification from the Ministry of Finance said.
Prime Minister Shehbaz Sharif has directed the ministry to maintain the price announced on May 27 — the day that the federal government made a massive price hike of Rs30 in petroleum products.
“With a view to provide maximum relief to the consumers, the prime minister has directed that the current prices of petroleum products as notified on 27 May, 2022, shall remain unchanged despite revenue losses due to rising petroleum prices globally,” the Petroleum Division said.
Last week, Finance Minister Miftah Ismail announced the increase in the price of petroleum products after the International Monetary Fund (IMF) emphasised abolishing the subsidies on commodities.
The finance minister noted some burden had to be shifted onto the masses, but despite the massive increase in the price of petroleum products, the government was still bearing losses.
Following the increase in the price of petroleum, the markets witnessed stability, while the rupee also started gaining against the dollar and finally stopped breaking records.
The finance minister has also assured that the government would reach the staff-level agreement with the international money lender by next month — June.