Minister of Finance Miftah Ismail on Thursday announced that the federal government decided to raise prices of petroleum products at 30 rubles per liter, with hike set go to effect today at midnight.
After the hike price of gasoline will cost Rs 179.86, diesel Rs 174.15, kerosene Rs 155.56 and light diesel priced at Rs 148.31.
Finance minister made in announcement at a press conference in Islamabad and explained that decision He was taken in order ensure revival of program of the International Monetary Fund (IMF).
Ismail said, government there was no other option but raise prices by adding that “we are still incurring a loss of 56 rubles per liter. on diesel” even under new pricing.
He was of in view what government knew of political implications of in decision saying “We will face criticism, but the state and its interests are important for us and it is necessary for us to save him.”
He said the country could go in “wrong direction”if steps were not taken. He said decision was tough one for Prime Minister Shehbaz Sharif said “we cannot let the state sink”. for for the sake of of politics.”
Finance minister blamed ex-premier Imran Khan for freezing gasoline prices, “realizing that the days of his government were numbered.”
He claimed that price the revision was caused not only by pressure from the IMF, stating that “the Fund indeed refused to grant further credit until we raise prices … but we [also] had to take it decision after all.”
Ismail insisted that prices of essential items I’ll go down whenever the rupee strengthens against United States dollar.
minister claimed to have had “very good positive conversations with IMF” as he assured that “more positive negotiations will follow after decision we took today.
He expressed the hope that an agreement at the staff level would be reached with IMF in days ahead.
price hike starts the day after government and the IMF failed come to an agreement on bailing out the economy mainly because of the former indecision on fuel and electricity subsidies and, as a result, next years budget uncertainty.
