In order to resume the IMF program, the government has announced an Rs30 increase in petrol price in Pakistan.
The finance minister declared on Thursday that the country will raise fuel prices. The decision has taken to begin receiving aid under a $6 billion deal inked with the International Monetary Fund (IMF) in 2019.
The government increased the price of fuel, diesel, kerosene oil, and light diesel by Rs30, effective from today, May 27. The new price of petrol is 179.86 rupees per liter and the current price of diesel is 174.15 rupees.
The price hike has been the primary point of contention between Pakistan and the IMF. It was part of an agreement to decrease the fiscal deficit by withdrawing subsidies in the oil and electricity sectors. It has to be done before the annual budget is delivered.
Miftah Ismail stated that financial markets would be stable, the rupee would appreciate, and the economy would benefit by following the decision to raise fuel prices.
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