Price of petrol In Pakistan Prices Increased
On Wednesday, the Pakistani government announced a significant increase in prices for all petroleum products, with petrol rising by Rs24 per liter and high-speed diesel by Rs59.16 per liter within 20 days. This news comes as a shock to many Pakistanis who are already struggling with the high cost of living.
Finance Minister Miftah Ismail spoke at a news conference in Islamabad, flanked by State Minister for Petroleum Musadik Malik. He said that the new prices would come into effect from last night.
This decision is likely to cause further inflation and hardship for the people of Pakistan, who are already struggling to make ends meet. We urge the government to reconsider this decision and find another way to balance the budget without putting such a burden on the shoulders of the Pakistani people. In Pakistan Fuel Prices Increased
The finance minister criticized the previous PTI government for making a bad agreement with the IMF that tied the hands of the current government and forced it to increase oil prices in order to put the economy on track.
He said that the present government has a big challenge ahead in saving the country. If it doesn’t increase oil prices, the country will face financial problems.
He also said that it was a difficult decision to raise prices of petroleum products. However, he promised that the government would protect the poor.
After Increases New Prices of fuel In Pakistan Fuel Prices Increased
After an increase in prices, petrol is now available at Rs233.89 per liter, while high-speed diesel is available at Rs263.31 per liter and kerosene oil is available at Rs211.47 per liter. Light diesel oil is also available at Rs207.47 per liter after a price increase of Rs29.16.
State Minister for Finance Ravi Karunanayake said that he has been observing the country’s situation for the last 30 years, but he has never seen such a situation in terms of reflation.
Miftah Ismail stated that the government is currently restricted by the IMF agreement that was set in place by the PTI government. He went on to say that while the middle class and poor will suffer from the recent petrol price increase, the government is taking steps to help those who will be most affected.
“We have taken difficult decisions in the past, and we will continue to do so in order to protect the country from financial instability,” Ismail said. In Pakistan Fuel Prices Increased
The minister said that the government will no longer lose money on the sale of petrol, as the recent price increase has brought it in line with international rates.
Minister State of Petroleum
Musadiq Malik, Minister of State for Petroleum, spoke about the government’s decision to increase prices. He explained that the move was necessary to prevent a monthly loss of over Rs100 billion. The import of nine million tones of oil and 8.8million tones of diesel would have otherwise resulted in a too big loss for the government.
The state minister said that the government accepted their duty for its measures and would determine a new way ahead for the country through critical decisions.
Miftah said Pakistan could not control the Ukraine-Russia war and its effect on international fuel prices, but that they would only be able to control fuel prices when their difficult period ends and the country’s relations improve with global financial institutions. Price of petrol In Pakistan Prices Increased.
Earlier this month, the government had decided to increase the prices of all petroleum products except one by another Rs30, just a week after making a similar increase.
So far, Miftah Ismail said that even with the recent petrol price increase by Rs30, the government is still facing a loss of around Rs9 per liter as it is not collecting any tax on the fuel. The minister said that the government is holding talks with the IMF every day and while they cannot accept all of their demands, there are some points they have to agree to in order to continue talks. In Pakistan Fuel Prices Increased
