Govt increases petrol price to Rs209.86 per litre

0

ISLAMABAD, June 02(ABC): Finance Minister Miftah Ismail announced Thursday that the price of petrol has been moved up by Rs30 to Rs209.86, a few days after increasing the rate of the commodity by the same amount.

Ismail, in a press conference, said Prime Minister Shehbaz Sharif has approved hiking the price of petrol, diesel, and light diesel by Rs30 per litre, while the rate of kerosene oil has been hiked by Rs26.38 per litre.

“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,” he said.


New price (per litre):

  • Petrol — Rs209.86
  • Diesel — Rs204.15
  • Light diesel — 178.31
  • Kerosene oil — Rs181.94


The finance minister 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.

Subsides on edibles

In a bid to ease the effect of inflation on the masses, the finance minister said the government would try its best to keep the price of sugar fixed at Rs70 per kg and wheat at Rs40 per kg at the utility stores.

The finance minister said the government was giving subsides of Rs100 on cooking oil and Rs15 on rice and pulses at the utility stores across the country.

“The subsidies on cooking oil and ghee will continue for some time, but we will try to ensure — in line with PM Shehaz Sharif’s directions — to keep the rates of sugar and wheat fixed.”