The Government Has Increased The Price Of Petroleum By PKR. 30
May 27, 2022 / By Zunair Tahir / Pakistan News
Miftah Ismail, the Finance Minister, stated on Thursday that the government has decided to raise the price of petroleum products by Rs. 30 per liter, effective at midnight.
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“From Friday, May 27, 2022, the government has decided to hike the costs of Petrol, High-Speed Diesel, Kerosene Oil, and Light Diesel Oil by Rs. 30 per liter. At 12 a.m., the new pricing will take effect. “The new price of petrol will be Rs. 179.86 per liter, and the new price of diesel will be Rs. 174.15 per liter,” the Finance Minister tweeted.
Prime Minister Shehbaz Sharif, according to the Finance Minister, made this difficult decision in the national interest. He stated that imposing such a burden on the general population is a difficult decision for the government to make.
Miftah stated that the decision was made in order to resurrect the International Monetary Fund’s $6 billion bailout package (IMF).
The rise comes only one day after the government and the IMF failed to reach a deal on a financial bailout due to the former’s unwillingness to reverse fuel and power subsidies, causing budget uncertainty for fiscal year 2022-23.
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According to a news statement from the Finance Division, sustaining current petroleum product prices at current subsidized rates is continually growing the government’s twin deficit while also creating significant dangers to the energy supply chain.
Oil Marketing Companies (OMCs) and refineries are having trouble acquiring international bank confirmation for LCs/SBLCs, local banks’ unwillingness to open LCs, and importers’ issues securing insurance coverage for particularly high-priced cargoes, according to the statement.
“The government has decided to adjust the present petroleum product pricing in order to rationalize petroleum product costs.” Prices for petroleum goods have been raised in part to make them affordable, according to the statement.
With a Rs. 30 per liter hike across the board, the new price of fuel will be Rs. 179.86 per liter, up from Rs. 149.86 per liter previously. High-speed diesel will now cost Rs. 174.15 per liter, up from Rs. 144.15 per liter previously. According to the Finance Division, the new price of kerosene will be Rs. 155.56 per liter, up from Rs. 125.56, and the new price of light diesel oil would be Rs. 148.31 per liter, up from Rs. 118.31 per liter.
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