Islamabad – The Finance Minister, Ishaq Dar, announced on Tuesday a surge in the petrol cost by Rs19.95 per litre, elevating it to Rs272.95 for the upcoming fortnightly review.
He expressed that this choice was taken in the favor of the country. The declaration, initially planned for July 31, was postponed as the government pondered the possible effect on citizens struggling with inflation and aimed to uphold or decrease the rates.
This signifies the final occasion Dar shall issue such a declaration as his administration’s tenure ends on August 12. The increase in prices was considered inevitable, as Pakistan had previously reached an accord with the IMF to impose a petroleum development levy on the rates.
Govt Raises Petrol Price by Rs19.95 per Litre
Dar mentioned, “We endeavored to examine choices for either diminishing or modifying its functioning. Nevertheless, we are obligated by our agreements with the IMF concerning the petroleum development levy.”
The finance minister admitted that without the IMF obligation, they might have contemplated reducing the PDL.
Dar stressed that he would avoid adopting the former administration’s strategy of reducing gasoline costs, which resulted in a failure to meet IMF obligations.
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The finance minister highlighted that the global market had experienced a notable surge in the cost of high-speed diesel, prompting the government’s choice to elevate domestic prices.
“With the nation’s welfare in consideration, it is crucial that we execute the computed minimum [quantity],” emphasized the finance minister.”