Petrol Prices in Pakistan Hiked by PKR 14.84/Litre with Rising Inflation

Petrol and Diesel prices once again rise in Pakistan as the prices raised for the fourth time within a month. Petrol now fares at PKR 248.84 per litre.
Petrol Prices in Pakistan Hiked by PKR 14.84/ Litre with Rising Inflation
Petrol Prices in Pakistan Hiked by PKR 14.84/ Litre with Rising InflationImage Credit: AP/File Photo

By: Mohit Singhal

The prices of fuel are setting up new standards in Pakistan as the prices of Petrol, Diesel and Kerosene were raised again for the fourth time in a month leading to Petrol touching the sky-rocket price at PKR 248.84 per litre, the announcement came from Pakistan Finance Ministry.

The prices of high-speed diesel also hiked by a huge margin of 13.23 per litre and are now fixed at as high as PKR 276.54 per litre.

Prices of Kerosene and light-speed diesel also raised by a significant amount with Kerosene climbing up by PKR 18.83 resulting in the value at PKR 230.26 and light-speed diesel going up by Rs 18.83 per litre.

It is noticed that these changes will come into effect from midnight on July 1.

Finance Minister blames ex-government for price failures

Prices of fuel are setting up new standards in Pakistan
Prices of fuel are setting up new standards in PakistanImage Credit: Reuters/ File photo

While addressing a press conference, Pakistan Finance Minister Miftah Ismail pointed out that the ex-Government led by Imran Khan is the ultimate reason why Pakistan is currently facing this economic crisis.

He said the government isn’t in a position to bear any more subsidies. Hence, they didn’t have any option left apart from increasing the prices.

He further added the former government’s brunt decision is reaping these sour rewards in the form of an economy going down and the loss they are currently facing against the International Monetary Fund.

IMF has set tough conditions for Pakistan to revive $6 billion loan facility

IMF has set tough conditions for Pakistan to revive $6 billion loan facility
IMF has set tough conditions for Pakistan to revive $6 billion loan facility

Pakistan had a loan of USD 6 billion with them and to restore that the IMF has set some tough conditions against the incumbent government in the form of hiking electricity tariffs and to impose levying charges on petroleum prices.

Pakistan was facing a loss of around PKR 24.3 on petrol, PKR 39.49 on Kerosene, PKR 59.16 on high-speed diesel, and PKR 39.16 on light-speed diesel.

Finance Minister also said that they can only curb the increasing inflation when our tough phase will get past and the country’s relations with financial organisations will improve.

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