Pakistan hikes petrol prices by Rs 2.13 per litre

Islamabad [Pakistan], June 16 (ANI): In yet another shock when the people are suffering from inflationary pressure, Imran Khan's government on Tuesday raised petrol prices in Pakistan by Rs 2.13 per litre.

The Finance Ministry approved a Rs 2.13/litre hike in petrol and an increase of Rs 1.79/litre in the price of High-Speed Diesel (HSD), reported Geo News.

A notification issued by the ministry also said that the price of kerosene oil is being increased by Rs 1.89/litre and light diesel prices will go up by Rs 2.03per litre.

The petrol prices have increased by 2.13 per cent, HSD by 1.79 per cent, kerosene by 1.89 per cent, and light diesel by 2.03 per cent, reported Geo News.

The increase now means that petrol will now cost Rs 110.69, HSD Rs 112.55, kerosene oil Rs 81.89 and light diesel oil will cost Rs 79.68 per litre.

Last week, Finance Minister Shaukat Tarin had indicated that the prices of petroleum products will be increased in the coming month as talks with the International Monetary Fund (IMF) continued over the stabilisation of revenue collection.

Talking on 'Naya Pakistan' programme, he said the petroleum levy would be increased up to Rs 600 billion in the coming fiscal year so the levy will have to be jacked up in the range of Rs 20 to Rs 25 per litre, while currently Rs 5 per litre levy was being charged.

Asked whether Pakistan will pull out of the International Monetary Fund (IMF) programme if the Fund rejects the proposals and sticks to its demands, the finance minister said Pakistan will not exit from the programme, adding that the IMF had asked Pakistan to present its budget so negotiations will continue.

Meanwhile, he also said Saudi Arabia had agreed to provide oil on deferred payments, but it could not be ascertained how much oil Pakistan will get.

Having high unemployment, poverty and inflation, the Pakistan economy is under stress and the government plans to take nearly USD 16 billion gross foreign loans in the next fiscal year to meet the requirements of maturing external public debt and cover up the budget deficit. (ANI)