ISLAMABAD: The federal government has made a shocking decision to hike fuel prices by Rs30 per litre to fulfill the conditions laid down by International Monetary Funds (IMF). Earlier on Thursday, the power regulatory authority had approved an increase of Rs8 per unit in the electricity prices, applicable from the next fiscal year.
According to Finance Minister Miftah Ismail, the harsh decision was taken to save the country from bankruptcy as the previous government had made wrong decisions. He added that currently, the government was facing a loss of Rs120-30 billion every month because of subsidies on petroleum. Miftah further said that the decision would reduce the losses to Rs25 billion monthly.
After the increase in prices, the new rates will be as follows:
Petrol: Rs209.8 per litre from Rs179.8
High-speed diesel (HSD) to Rs204.15 from Rs174.1
Light diesel oil (LDO) to Rs178.31 from Rs148.31
Since May 27, the government has raised petroleum prices by Rs60 per litre.