Finance Minister Miftah Ismail announced that the federal government has decided to raise the price of petroleum products by Rs.30 per liter. Regarding another price hike in the petroleum products, the minister said; “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.”
New rates after the recent price hike in the petroleum products
The government has approved hiking the rates of petrol, diesel, and light diesel by Rs30 per liter. However, the price of kerosene oil has increased by Rs26.38 per liter. The latest price hike in petroleum products comes a week after the government had increased fuel prices to meet a key condition set by the International Monetary Fund. Here are the latest prices of petroleum products in Pakistan:
Petrol – after a hike of Rs30 the new price is Rs209.86
Diesel – after a hike of Rs30 the new price is Rs204.15
Kerosene oil – after a hike of Rs26.38 the new price is Rs181.94
Light diesel – after a hike of Rs30 the new price is Rs178.31
The finance minister said that the hike in petrol prices would definitely increase inflation, he also acknowledged that the lower-income segment of society would be affected the most. However, the government had taken measures to reduce the negative effects of inflation on poor people by providing relief packages.
Read more: Pakistani Rupee and Stock Market Finally Bounce Back After a Hike in Petrol Price
Opposition calls for protest
The former PM Imran Khan has announced to stage a ‘peaceful’ protest today after Friday prayers against the massive price hike in petroleum products. The former premier posted on his official Twitter account; “I want everyone to come out and protest peacefully after [Friday] prayers tomorrow against this Imported [government’s] anti-people policies of massive price hikes to crush the public and wreak economic havoc.”
