Pakistan increases petrol, diesel prices by 17% to control fiscal deficit | World News - Hindustan Times
close_game
close_game

Pakistan increases petrol, diesel prices by 17% to control fiscal deficit

By, New Delhi
Jun 02, 2022 11:39 PM IST

This will be the second time in a week Pakistan will slash the fuel subsidies in a bid to control the fiscal deficit and secure International Monetary Fund bailout money. 

Pakistan increased petrol and diesel prices for consumers by 17 per cent at the pumps starting on Friday, finance minister Miftah Ismail announced. Both being raised 30 Pakistani rupees each per litre.

An attendant fills a vehicle with gasoline at a Shell Petroleum Ltd. gas station in Rawalpindi, Pakistan, (Bloomberg)
An attendant fills a vehicle with gasoline at a Shell Petroleum Ltd. gas station in Rawalpindi, Pakistan, (Bloomberg)

This is the second time in a week Pakistan will slash the fuel subsidies in a bid to control the fiscal deficit and secure International Monetary Fund bailout money.

Hindustan Times - your fastest source for breaking news! Read now.

Ismail said there remained a subsidy of about 9 Pakistani rupees per litre, reported news agency Reuters.

The Dawn reported that after the latest round of hike, petrol will be priced at 209.86 PKR, diesel at 204.15 PKR, kerosene oil at 181.94 PKR and light diesel at 178.31 PKR. Only kerosene oil's price was hiked by less than 30 PKR.

On May 27, the Pakistan government increased the rate of petroleum products by 30 PKR per litre, or up to one-fourth of their existing prices.

The move is expected to help defuse the landmines laid by the government of former prime minister Imran Khan on the one hand, and will save the country from looming default on the other.

Ismail said the government was holding talks with the IMF on a daily basis, adding "we cannot accept all their demands but there are certain points that we have to agree to."

Ismail, however, said the government would ensure stability in prices of sugar and wheat at 70 PKR per kg and 40 PKR per kg respectively at utility stores countrywide.

 

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now! Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, February 26, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On