Finance Minister of Pakistan Mr Miftah Ismail announces here on Thursday an increase in the price of petroleum products. Government decided this after the IMF stressed the end of subsidies on petroleum products to initiate the bailout programme.
According to Miftah Islamil, the decision of increase in prices of petroleum products taken to revive the IMF programme.
The Finance Minister elaborated that despite the huge increase in the price of petroleum products internationally. The government was still bearing losses in shape of subsidy on petroleum products.
The finance minister said that after the increase, the rupee will strong and financial markets would witness stability in the upcoming days.
After the increase, the new petrol prices will be as follows:
- Petrol Price — Rs179.86
- Diesel Price — Rs174.15
- Kerosene oil Price — Rs155.56
- Light diesel Price — Rs148.31
It is to remind here that on Wednesday, the IMF mission concluded its talks with Pakistan officials without a word on reviving the stalled Extended Fund Facility (EFF).
“The mission has held highly constructive discussions with the Pakistani authorities aimed at reaching an agreement on policies and reforms that would lead to the conclusion of the pending seventh review of the authorities’ reform program, which is supported by an IMF EFF arrangement,” statement issued by IMF at the conclusion of talks with Pakistani officials.
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