Finally, Govt has announced a massive hike in the prices of petroleum products – a colossal jolt to the citizens. Addressing a press conference in Islamabad, Federal Minister for Finance Miftah Ismail said that from day one I have been saying that increase in prices of petroleum products is inevitable.
The government has decided to increase the price of petrol, diesel and kerosene oil by Rs. 30 per liter, tweeted the finance minister. New prices of petroleum products will be applicable from 12am tonight, May 27, 2022.
The federal finance minister said that they have incurred a loss of Rs. 55 billion in 15 days. Unless they increase the price of petrol, they will fail to reach an agreement with International Monetary Fund (IMF).
New Petrol Prices
After the recent hike in petroleum prices, the petrol will now cost Rs. 179.86, diesel new rate is Rs. 174.15. Meanwhile, the new rate of Kerosene Oil is Rs. 155.56 and Light Diesel Oil will now cost Rs. 148.31.
The fresh hike comes a day after the government could not reach an agreement for $6 billion Bailout program.
What is your stance on the petrol price hike? Share your thoughts and feelings with us.
I was wondering when they would be doing that.