Pakistan Petrol Price: Pakistan's Finance Minister Miftah Ismail revealed on Thursday that the federal government has decided to hike the rates of all petroleum products except one by Rs 30, barely a week after doing so. The new pricing will take effect at midnight today, the minister stated at a news briefing in Islamabad, Dawn reported.
Following the current round of price increases, petrol will cost Rs 209.86, diesel Rs 204.15, kerosene oil Rs 181.94 and light diesel Rs 178.31. Only kerosene oil had a price increase of less than Rs 30.
"The government is still facing a loss of around Rs9 in petrol despite a hike of Rs30 as we are not collecting any tax on the fuel," the minister was quoted by Dawn in its report.
Ismail stated that the government was in daily negotiations with the International Monetary Fund (IMF), adding that "we cannot accept all of their demands, but there are certain points that we have to agree to."
Ismail, on the other hand, stated that the government will maintain sugar and wheat rates at Rs 70 per kg and Rs 40 per kg, respectively, in utility stores across the nation.
He requested that the petroleum subsidy announced by former Prime Minister Imran Khan be rescinded in order to avoid financial losses.
"Irrespective of what the IMF says, the government cannot sell petrol and diesel at a loss," the minister added.
The minister stated that the administration is "ready" to buy oil from Russia as long as "no sanctions are imposed."
The price increases came after the government and the IMF failed to reach a deal on an economic bailout, owing to the former's ambivalence on fuel and power subsidies and the resulting budget uncertainty for next year.
Opposition Calls For Protest
Meanwhile, opposition leaders slammed the administration for raising fuel prices to unprecedented highs, claiming that it was failing to handle the economy.
PTI Chairman Imran Khan urged people to protest the government's "anti-people policies of massive price hikes to crush the poor and create economic chaos in the country" after Friday prayers.
Former information minister Fawad Chaudhry predicted a "death of the middle class from the country" if petrol prices were raised again.