The federal government has finally taken a tough decision to increase the petroleum prices by Rs30 per litre, Finance Minister Miftah Ismail announced on Thursday.
New prices will be effective from midnight (today), he added.
The development came a day after Pakistan and the International Monetary Fund (IMF) failed to reach a staff-level agreement for the revival of the $6 billion programme.
In a handout, the IMF on Wednesday emphasised upon “urgency of concrete policy actions, including removing fuel and energy subsidies”.
Addressing a press conference in Islamabad on Thursday, Miftah said it has become indispensable to shift the fuel price hike burden on the masses as the IMF had refused to give “any relief” until the fuel subsidy was removed.
“It was a difficult decision for us to impose any kind of burden on the people,” he remarked.
New prices (per litre)
Petrol — Rs179.86
Diesel — Rs174.15
Kerosene oil — Rs155.56
Light diesel — Rs148.31