ISLAMABAD (Web Desk) – Citing the rising commodity price in the global market, Finance Minister Ishaq Dar on Tuesday announced a Rs19.95 per litre increase in the Petrol price – a move that will further trigger the inflation in the country at all levels.
In a message aired live by TV channels, Dar said the hike in high-speed diesel (HSD) would be Rs19.90 per litre, as he argued that the government was bound to follow the deal reached with the International Monetary Fund (IMF).
Any deviation would have negative consequences for the country and the outgoing government took the decision in Pakistan’s interest, he said, adding that Prime Minister Shehbaz Sharif had directed them to pass on minimum possible burden to the masses.
With the new prices coming into effect with an immediate effect, petrol and HSD will now be available for Rs272.95 and Rs273.40 per litre respectively – increasing the transportation cost both for individuals and goods to an unbearable level.
Under the stand-by agreement between Pakistan and the IMF, the government is not only bound to increase the Petroleum Development Levy (PDL) from the present level of Rs50 per litre to Rs60 but also do away with the subsidies to reduce fiscal deficit, leaving the people at the mercy of market.