The government increases gasoline price at 24.03 rupees per liter – Business

Published in June 15, 2022 23:18

The government increases gasoline price at 24.03 rupees per liter

ISLAMABAD (Dunya News) – Another push for inflation -hit masses, i.e. government decided to raise the price of petrol and diesel by Rs 24.03 per liter from 16 June.

It was announced Finance Minister Miftah Ismail during a press conference today (Wednesday).

After the increase in prices, new petrol price will be Rs 235.79 per liter and diesel will be sold at Rs 263.31 per liter after the increase of 59 rupees per liter and kerosene will be sold for Rs 211.43 and price of light diesel fuel will cost 207.47 rupees.

He said that new prices will be included in effect from 12:00 on June 16th.

Earlier it was reported that the Prime Minister Shahbaz Sharif rejected the summary of the increase in prices of oil products. Sources close to the Finance Ministry say no. chance of Rs 23 increase in price of gasoline and an increase of 53 rubles. in price of diesel.

On the other hand, the Oil and Gas Regulatory Authority (OGRA) sent a brief to the oil division for another magnification in prices for petroleum products from June 16.

Oil regulatory the authorities have prepared a summary with a request to increase in oil prices from June 16 in light of negotiation with International Monetary Fund (IMF).

Power had also proposed fuel cut price subsidies.

Government, IMF negotiations

It is appropriate to mention here that the International Monetary Fund (IMF) urged Pakistan to stop subsidizing on electricity and oil products for revival program.

According to the IMF statement, mission led by Nathan Porter, held virtual and direct negotiations with Pakistani officials on politicians ensure economic stability and sustainable growth in Pakistan from 18 to 25 May.

The statement said that mission held constructive talks with Pakistani officials agree on policy and reform to complete the seventh review of an upcoming reform program that is supported by the IMF’s Enhanced Financing Facility.

The IMF said significant improvements were made during the mission, including high inflation and fiscal and current account deficit, while adequate protection the end of the acute decline. For this reason, the implementation of in policy rate hike from May 23 welcomed step.

Promises reportedly made in previous review in in financial sectors have not been met, and the authorities announced partial subsidies for fuel and energy in February, the application is saturated.

” team stressed the urgency of specific policy actions, including in context of elimination of fuel and energy subsidies and fiscal year 2023 budgetachieve program goals”. IMF added.

“IMF team looks forward continue your dialogue and close interaction with Pakistan government on politicians ensure macroeconomic stability for benefit to all of citizens of Pakistan.