Pakistan fuel price hike: The significant rise in fuel prices in Pakistan has wreaked havoc, disrupting the lives of common people. On Tuesday, Pakistan’s Finance Minister Ishaq Dar announced an increase of Rs 19 per litre for petrol and diesel, adding further misery to the lives of people who are already reeling under the burden of inflation in the country.
Increase in Fuel Cost
Fuel costs in Pakistan saw an unprecedented rise as Finance Minister Ishaq Dar announced an increase of Rs 19 per litre for petrol and diesel on Tuesday. In accordance with the nation’s agreements with the International Monetary Fund (IMF), the price adjustment was done in the “national interest,” the minster said. The new prices came in effect immediately.
‘Rise in price unavoidable’
The administration added the petroleum development levy (PDL) to the rates since the rise was inescapable in light of the agreements with the IMF.
The Minister also said that the government remained dedicated to its obligations to the IMF despite the current problems faced by the people of. He said that the PDL could have been decreased to relieve the suffering of the general populace if it weren’t for the IMF deal.
“We tried to either reduce or see what could be adjusted in its working. But we all know about our commitments with the IMF on the petroleum development levy,” Dar ADDED.
“Keeping in mind national interest, it is crucial that we pass on the minimum [amount] which has been calculated,” said the finance minister.
The $3 billion Standby Agreement is subject to tough restrictions set by the IMF, one of which is a requirement that the fuel price be increased to Rs 60 per litre.’
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