The Pakistani government on Thursday announced an increase in the price of petroleum products by Rs 30 per liter, effective from midnight.
After the hike, petrol will cost Rs 179.85, diesel Rs 174.15, kerosene Rs 155.95 and light diesel Rs 148.41.
Finance Minister Miftah Ismail made the announcement at a news conference in Qatar a day after the government of Pakistan and the International Monetary Fund (IMF) failed to reach an agreement on an economic bailout and a staff-level agreement at the IMF. The USD 6 billion program for revival is over.
“The new prices will be effective from midnight,” Ismail said.
In a handout on Wednesday, the IMF stressed the need for “specific policy measures, including the removal of energy and energy subsidies.”
Miftah said it was important to shift the burden of fuel prices on the public because the IMF had refused to provide “any relief” until the energy subsidy was removed.
Last February, the Imran Khan government limited the prices of petroleum products to June, despite an agreement with the IMF to raise prices. When his government was ousted in April, the new government needed the help of the IMF but was right on the issue of raising prices.
However, after the final refusal to disclose any funds until the price is revised upwards by the fund, the government accepts the bitter pill.
(This story was not edited by NDTV staff and was automatically generated from a syndicated feed.)