Govt goes for Rs20 hike in fuel prices

Canada Global (Web News) Ishaq Dar, the finance minister, announced a Rs19.95 per litre rise in the price of petrol on Tuesday, citing the growing cost of commodities on the international market. This action would boost inflation in the nation at all levels.

Dar said that the government was required to abide by the agreement signed with the International Monetary Fund (IMF) in a message that was broadcast live by TV stations, and he predicted that the increase in high-speed diesel (HSD) would be Rs19.90 per litre.

He said that the decision was made in Pakistan’s best interests since any divergence would have detrimental effects on the nation and that Prime Minister Shehbaz Sharif had instructed them to impose the least amount of hardship on the populace as possible.

Petrol and HSD will now be available for Rs272.95 and Rs273.40 a litre, respectively, with the new prices taking effect right away. This will cause the cost of transportation for both people and products to soar to an intolerable level.

According to the stand-by agreement between Pakistan and the IMF, the government is required to eliminate subsidies in order to lower the budget deficit, leaving the populace to the whim of the market, as well as raise the Petroleum Development Levy (PDL) from the current level of Rs50 per litre to Rs60.

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