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Pak government hikes fuel prices despite fall in global oil rates

Pak government hikes fuel prices despite fall in global oil rates
Pak government hikes fuel prices despite fall in global oil rates

© Reuters. Pak government hikes fuel prices despite fall in global oil rates

Islamabad, September 1 (IANS) The people of Pakistan are facing challenges of saving lives these days. Millions of people are facing the devastation caused by floods on one hand, while on the other hand rising inflation is making the lives of the rest difficult. Per liter has been increased by Rs.

The decision to increase prices is mainly due to exchange rate fluctuations and an increase in petroleum levies in line with the commitment by the International Monetary Fund (IMF) with the recently revamped bailout loan program.

According to the notification issued by the Finance Ministry, the price of petrol has increased by Rs 2.07, high speed diesel (HSD) by Rs 2.99, kerosene by Rs 10.92 and light diesel oil (LDO) by Rs 9.79. Has been.

“In the fortnightly review of the prices of petroleum products, the government has considered the recommendation of a partial increase in the prices of petroleum products in line with the changes in international oil prices and exchange rate fluctuations,” the notification of the Ministry of Finance said.

In order to provide relief to the consumers, the petroleum levy has been kept to a minimum, the notification said.

The revised prices have been kept from 1st September to 15th September 2022.

The rise in prices comes amid a steep rise in the prices of vegetables, which have increased by at least 200 per cent. This comes after devastating floods, raising the prices of tomatoes, potatoes and other vegetables across the country, as over 20 million acres of farmland along with ready-made crops have been destroyed.

The Shahbaz Sharif government started raising fuel prices from the last week of May this year, as it was to work towards restarting the bailout package from the IMF.

Price hikes have been a key issue between Pakistan and the IMF as part of an agreement to withdraw subsidies in the oil and power sectors and reduce fiscal deficit.

In parallel with the increase in the prices of petroleum products, the government is also continuously increasing the per unit price of electricity.

Locals have protested the government’s decision to levy heavy fuel adjustment charges in electricity bills. Many people have refused to pay the bills.

On the other hand, the government is obliged to gradually increase the PDL on oil products to a maximum of Rs 50 per liter to meet the target of collecting Rs 855 billion during the current fiscal under the IMF agreement.

–IANS

SGK/ANM

The article is in Hindi

Tags: Pak government hikes fuel prices fall global oil rates

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