In a recent news conference, Finance Minister, Ishaq Dar, made a major announcement regarding the prices of petroleum products. As per the latest changes, the government has decided to increase the prices of petroleum products substantially.
New Prices
According to the Finance Minister’s announcement, the price of High-Speed Diesel (HSD) has been raised by Rs. 19.90 per litre, resulting in a new price of Rs. 273.40 per litre. Similarly, the price of petrol has been increased by 19.95 per litre, making the new price Rs. 272.95 per litre. These changes are set to take effect immediately.
The Finance Minister stated that the recent surge in international oil prices has led to this decision, and considering the economic situation, the government had no choice but to implement this price hike. He also highlighted that the fluctuations in global oil markets and consultations with the Oil and Gas Regulatory Authority (OGRA) played a role in determining the new prices.
However, it is worth noting that the Prime Minister had previously stated that the government would do what is best for the public’s interest. While acknowledging the necessity of the increase, the government is also mindful of the impact it may have on the citizens.
Minister Dar clarified that the government is currently part of the IMF program, and the Stand-By Arrangement (SBA) has been agreed upon. The government has learned from past experiences where commitments were not fulfilled upon exiting such programs. Therefore, the government is now committed to adhering to the petroleum-related commitments made with the IMF.
The increase in petroleum prices will undoubtedly have an impact on the cost of living and transportation costs for the citizens. It is essential for the government to ensure that the increased revenue generated from this price hike is utilized efficiently to support development projects, improve public services, and provide targeted relief to those affected by the economic challenges.
