Web Desk
Pakistan’s government has raised the prices of all petroleum products by another Rs30 — just a week after making a similar increase.
The new prices will come into effect from midnight (Thursday), Federal Finance Minister Miftah Ismail told a press conference in the capital, Islamabad on Thursday.
After the latest round of hike, petrol will be priced at Rs209.86, diesel at Rs204.15, kerosene oil at Rs181.94 and light diesel at Rs178.31. Only kerosene oil’s price was hiked by less than Rs30.
“The government is still facing a loss of around Rs9 in petrol despite a hike of Rs30 as we are not collecting any tax on the fuel,” the minister claimed.
Ismail said the government was holding talks with the International Monetary Fund (IMF) on a daily basis, adding “we cannot accept all their demands but there are certain points that we have to agree to.”
However, Ismail said the government would ensure stability in prices of sugar and wheat at Rs70 per kg and Rs40 per kg respectively at utility stores countrywide.
He insisted the subsidy on petroleum products announced by ex-premier Imran Khan had to be withdrawn to avert financial losses.
“Irrespective of what the IMF says, the government cannot sell petrol and diesel by bearing losses.”
The minister said the government was “willing” to import oil [from Russia], provided “it does not come with sanctions”.
The price hikes come after the government and the IMF failed to reach an agreement on an economic bailout mainly because of the former’s indecision on fuel and electricity subsidies and resultant next year’s budget uncertainties.
Meanwhile, the opposition leaders hit out at the government for increasing the prices of petroleum products to a new high, saying the new regime was struggling to manage the economy.
Former information minister Fawad Chaudhry said the fresh hike in petrol rates meant the middle-class will be eliminated from the country.
