The Federal Government has announced an increase of Rs 30 per litre in the prices of petroleum products. The decision will take effect from 12 noon tonight on 26 May 2022.
Islamabad: Federal Finance Minister Muftah Ismail has announced an increase of Rs 30 per litre in Petrol, Diesel and Kerosene prices. He said that after an increase of Rs. 30, petrol would be Rs. 179.86 per litre. The ruling will take effect today, May 26, at 12 AM. According to the Finance Minister, the new price of diesel will be Rs 174.15 per liter, light diesel Rs 148.31 per litre and kerosene Rs 155.56 per litre.
Muftah Ismail said that the price of petrol and diesel had gone up till February in the previous government. The previous government had kept the price of petrol fixed.
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The Finance Minister said that it has become inevitable to impose some burden on the people for petroleum products, both rich and poor are benefiting from the subsidy on petrol.
Muftah Ismail said that despite the increase, the government was subsidizing the prices of diesel at Rs 56.71, light diesel at Rs 37.84, petrol at Rs 17.2 and kerosene at more than Rs 21.
He said that Imran Khan’s government has laid economic mines, IMF program cannot be obtained without raising the prices of petroleum products, Shahbaz Sharif has made a big decision because it is not easy for any Prime Minister to raise such high prices. Khawaja Asif said that if we drown the state to save politics then this is not a wise decision.
Muftah Ismail said that Government has suffered a loss of Rs 55 billion in 15 days. Due to the policies of the previous government, inflation is facing today. Imran Khan’s government has laid economic mines.
The Finance Minister said that from the first day he was saying that it is inevitable to impose some burden on the people. The cost of running a civil government is 42 billion rupees and subsidy is 100 billion rupees.
The Finance Minister said that the government is committed to reviewing the IMF program and moving Pakistan toward sustainable growth. Meanwhile, a statement issued by the Finance Ministry after the talks between Pakistan and the IMF in Doha said that a Pakistani team led by Finance Minister Muftah Ismail held talks with the IMF mission in Doha on the seventh review.
The IMF expressed concern over the state of financial measures and current accounting, especially due to government measures, especially electricity and fuel subsidies and other deficits.
The consultation identified current account and fiscal deficits and reforms. The IMF team stressed the importance of withdrawing fuel and electricity subsidies, which the previous government had given in violation of its agreement with the IMF. Is committed to doing and putting Pakistan on the path to sustainable development.