Govt announces increase in petrol price by Rs. 30 in a bid to resume IMF programme

ISLAMABAD, May 26: Finance Minister Miftah Ismail announced Thursday a massive hike in the price of petroleum products after the International Monetary Fund (IMF) emphasised abolishing the subsidies on the commodities. In a press conference, the finance minister said the government has decided to hike the price of petrol, diesel, kerosene oil, and light diesel by Rs30, effectively from May 27. Newprices (per litre): Petrol — Rs179.86 Diesel — Rs174.15 Kerosene oil — Rs155.56 Light diesel — Rs148.31Thefinance minister noted some burden was shifted on the masses, but despite themassive increase in the price of petroleum products, the government was stillbearing losses. Pakistanand the IMF could not reach a staff-level agreement aday earlier after the Fund said there were deviations from the policiesthat were agreed between both sides.ThePTI-led government had originally agreed to the IMF’s demand of raising theprice of electricity and petroleum products but, later in March, Imran Khanannounced subsidies on both commodities — and the current government wascontinuing with the same arrangement .- NNI