ISLAMABAD: The federal government has increased the prices of petroleum products by Rs30 per litre, with the hike set to go into effect at midnight tonight.
The development was announced by Finance Minister Miftah Ismail while addressing a press conference in Islamabad. After the hike, the price of petrol will be at Rs209.86, diesel at Rs204.15, and kerosene oil at Rs181.56.
It is pertinent to note here that this is the second such increase within a span of two weeks as the coalition government led by Pakistan Muslim League-Nawaz (PML-N) raised the price of petrol by Rs30 per litre on May 26, the biggest increase in fuel price in the country’s history.
New price (per litre):
- Petrol — Rs209.86
- Diesel — Rs204.15
- Light diesel — 178.31
- Kerosene oil — Rs181.94
The finance minister acknowledged that the lower-income segment of society would be affected the most as a result of the petrol price hike, but noted that the rate of oil has also sky-rocketed in the international market.
In response to a question, the finance minister said he was hopeful of reaching an agreement with the IMF in June, but noted that there were some reforms that the government still had to do.