Petrol prices in Pakistan at an all-time high: Know key points
Prices previously changed once every two weeks, from the 1st to the 16th of each month.
Days after the country's currency depreciated to its lowest level against the US dollar in the interbank and open market, Pakistan's government on January 29 hiked the price of petrol and diesel by ₹35 per litre, boosting the inflation-stricken country. The citizens were shocked once again.
The revelation came during a televised speech by Finance Minister Ishaq Dar. Prices previously changed once every two weeks, from the 1st to the 16th of each month. It was announced that the new prices would come into effect from 11 am on January 29.
Following the hike, the price of petrol, high-speed diesel, kerosene and light diesel oil was set at ₹249.80, ₹262.80, ₹189.83 and ₹187 per liter respectively.
“We have decided to increase the price of petrol and diesel by Rs 35 each. The price of kerosene oil and light diesel oil has been increased by Rs 18 each," Dar said.
Dar claimed that social media was abuzz with rumors of a ₹50 hike in petrol and diesel prices. "Because of this, we have received reports of artificial shortage in the market. The Pakistani rupee saw a devaluation last week and now we are seeing an 11% increase in the prices of petroleum products in the international market," he said.
Imran Khan's administration placed Pakistan in a $6 billion International Monetary Fund (IMF) program in 2019, and it was to be increased to $7 billion in 2022. $1.18 billion.
From January 31 to February 9, an IMF team will be in Islamabad to hold consultations with government representatives regarding the implementation of the norms attached to the aid package.
The IMF's "stringent" requirements to revive the loan program were ready to be swallowed by the ruling coalition, according to Prime Minister Shehbaz Sharif's comments last week. He also said that the coalition has made it clear to the IMF that it wants to put an end to the Ninth Review.
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