The federal government announced a massive increase in the price of petroleum products on Tuesday morning with immediate effect, in line with commitments made to the IMF.

The decision was announced by Finance Minister Ishaq Dar in televised remarks earlier today. Under the revised prices, the price of petrol has been jacked up by Rs. 19.95 per liter and the price of hi-speed diesel has been increased by 19.90 per liter.

With the increase, the price of petrol will now be Rs. 272.95 per liter while the price of HSD will be Rs. 273.40 per liter.

The government was scheduled to announce new rates on July 31. However, they did not issue the rates as officials attempted to maintain or lower them, taking into consideration the impact of the price hike on people already burdened by inflation.

The finance minister said that the price of HSD and MS on the international market had risen in the previous 15 days. He said that the government had reviewed the “working” of OGRA till late at night. “The delay was because we were looking at if there were ways to reduce rates and if there was some leeway in the working,” he explained.

“In the interest of the country, it is necessary that the calculated minimum increase be passed, and HSD is being increased by Rs. 19.90, with the new price being Rs. 273.40. In addition, the price of petrol has been raised by Rs. 19.95 to Rs. 272.75 per liter,” he stated.

Dar further said everyone knows about international commitments Pakistan has with the International Monetary Fund regarding the petroleum levy. If they weren’t there, the government would’ve announced a smaller increase, but everyone knows there’s a standby agreement, he added.

Source: Pro Pakistani