The government has raised the price of petrol by 30 rupees per litre.

Breaking News: The government has raised the price of petroleum by 30 rupees per litre.

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Miftah Ismail, the Finance Minister, announced on Thursday that the federal government has decided to increase the price of petroleum products by Rs30 per litre, effective at midnight tonight.

The announcement was made at a press conference in Islamabad by the finance minister, who explained that the decision was made to ensure the revival of the IMF programme.

The price hike comes a day after the government and the IMF failed to reach an agreement on an economic bailout, owing to the former’s indecision on fuel and electricity subsidies, which has resulted in budgetary uncertainty for the coming year.

According to Ismail, some of the burden has been shifted to the people, but the government is still losing money despite the massive increase in the price of petroleum products.

It’s worth noting that the PTI-led government initially agreed to the IMF’s demand to increase the price of electricity and petroleum products, but Imran Khan announced subsidies on both commodities later in March, and the current government is continuing with the same arrangement.

Financial markets will be stable, the rupee will strengthen, and the economy will benefit from the decision to raise prices, according to the finance minister.

New prices (per litre):

Petrol — Rs179.86
Diesel — Rs174.15
Kerosene oil — Rs155.56
Light diesel — Rs148.31

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