Government Petrol Prices
"Government Makes A striking Move to Reinforce Economy: Money Pastor Ishaq Dar Reports Fundamental Change in Oil Costs"
Title: Finance Minister Announces Significant Increase in Petroleum Prices Amidst IMF Commitments
In a recent development, Finance Minister Ishaq Dar revealed that petroleum prices would see a substantial hike, with High-Speed Diesel (HSD) being increased by Rs19.90 to Rs273.40 per litre and petrol being hiked by Rs19.95 to Rs272.95 per litre. The decision, made "in the national interest," was attributed to the surge in international market prices over the last 15 days. The new rates would take effect immediately.
Minister Dar acknowledged that his team had worked tirelessly to explore options to reduce the price hike, but due to the country's commitments with the International Monetary Fund (IMF) regarding the petroleum levy, there was limited room for adjustments. Prime Minister Shehbaz Sharif was consulted, and the decision was reluctantly approved.
The minister also emphasized that the previous PTI government's failure to uphold promises with the IMF had negatively impacted the country's national interest. The IMF standby agreement further limited the government's flexibility in addressing the petroleum price increase.
Interestingly, the expectation for denying relief to consumers had been considerably lower, standing at Rs3.66 for HSD. However, the recent strike by fuel pump owners had prompted the government to increase their profit margins by Rs1.64 per litre for both petrol and diesel after successful negotiations.
Overall, the decision to raise petroleum prices has been met with mixed reactions, with some understanding the government's constraints due to IMF commitments, while others express concern about the potential impact on the general public.
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