Govt jacks up petrol, diesel prices by Rs30/litre

June 02, 2022 (MLN):  The federal government on Thursday increased the price of petrol and diesel by Rs30 per litre to Rs209.86 per litre, Federal Minister Miftah Ismail informed during a press conference.

Accordingly, the new price of High-Speed Diesel (HSD) will stand at Rs204.15 per litre, while Kerosine oil and Light Diesel (LDO) will cost around Rs181.94 and Rs178.31 per litre, respectively.

The new prices will be effective from June 03, 2022.

The gradual removal of subsidy on fuel is inevitable to strike a deal with IMF as per the agreement made by the previous government, Minister stated.

He went on to say that the government is committed to provide relief to the marginalized segment of society and for this, authorities would try to keep the sugar and wheat prices at Rs70 and Rs40 per kilogram at utility stores.

On May 26, 2022, the government had jacked up the petroleum prices by the same amount of Rs30 in order to comply with the IMF’s conditionality to revive the bailout package.

However, in the recent fortnightly review on May 31, 2022, the government had decided not to increase the price of the commodity in the interest of the general public. 

Earlier, the Federal 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.

Copyright Mettis Link News