Pakistan Minister Ishaq Dar has announced an increase in petrol prices to Rs 19.95 per liter. Fuel prices are skyrocketing inflation.
Pakistan Minister Ishaq Dar announced on Tuesday. The petrol prices had jacked (up) by Rs 19 a liter in the public stake. “The price of petrol has increased from Rs 19.95 per liter to Rs 272.95. While rapid diesel has increased from Rs 19.90 to Rs 273.40.”
Dar said fuel prices have risen sharply in global markets over the past 15 days. He added his government is trying to reduce the increase in prices. Benchmark Brent unrefined oil prices rose 16% in July.
Finman says the price increased after consulting Prime Minister Shehbaz Sharif. However, the Minister of Finance has not announced any changes in the price of kerosene or light diesel. It is relevant to mention the government was unable to announce a bi-weekly price adjustment of petroleum products on Monday, with consultations continuing until the early hours of Tuesday.
Ishaq Dar Discussion
The announcement of new prices for the Petroleum Development Tax (PDL) was a holdup as officials scrambled to find a way through it due to affectation and the economic crisis. Still, the new pricing was announced on Tuesday and is efficient instantly. Dar argues the importance of adopting the calculated minimum amount, for instance, national interest. He asserts the government could have lowered the PDL and provided its citizens without a deal with the IMF.
The Minister will not follow in the footstep of the previous government, which lowered gas prices and broke its promise to the IMF. He also excuses this decision by saying the expense of high-speed diesel engines has increased in the global market. Hence, a hike to increase local rates.
The notice appeared to Pakistanis. Social media users express their anger. Let us make it viral again as fuel prices continue to rise. “, another user said, while another added: “On behalf of 99.99% Pakistani, I send a lot of thanks to the current government of Pakistan due to fuel price hike 19/- per liter.”