Govt increases petrol prices by Rs30 per litre to meet IMF condition

MG News | May 26, 2022 at 10:20 PM GMT+05:00

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May 26, 2022 (MLN): The federal government on Thursday, has decided to increase petroleum product prices by Rs30 per litre to meet IMF demand.

As per the announcement made by Finance Minister, the new price of petrol and High-Speed Diesel (HSD) will stand at Rs179.86 and Rs 74.15 per litre, while Kerosine oil and Light Diesel (LDO) will cost around Rs155.56 and Rs148.31 per litre respectively. The new prices will take effect from tonight May 27, 2022.

Earlier, the minister said that the IMF team emphasized the importance of rolling back fuel and power subsidies, which were given by the previous administration in contravention of its own agreement with the Fund. Govt is committed to reviving the IMF programme and putting Pakistan back on a sustainable growth path.

Following the announcement, the portion of subsidy on petrol cut by Rs30 to Rs17 per litre, on diesel by Rs30 to Rs56 per litre. On kerosene and on LDO subsidy has been reduced by Rs30 to Rs21 and Rs37 per litre respectively

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