Islamabad: The government of Pakistan has announced a significant increase in the prices of petroleum products, effective immediately. Finance Minister Ishaq Dar held a news conference to disclose the new prices, citing the recent surge in global oil prices as the main reason behind the decision.
As per the announcement, the price of high-speed diesel has been raised by Rs 19.90 paisa, bringing the new cost to Rs 273.40 paisa. Additionally, the price of petrol has been increased by 19 rupees 95 paise, resulting in a new price of Rs 272.95 paise per liter.
In his statement, Finance Minister Ishaq Dar highlighted the consultations with the Oil and Gas Regulatory Authority (Ogra) before determining the revised prices. He emphasized that the government has taken this step while considering the national interest but also expressed the Prime Minister’s concern for the people. The Prime Minister has urged the authorities to explore any possible measures that could alleviate the burden on the public.
Minister Dar acknowledged that the nation is currently under the International Monetary Fund (IMF) program, which includes a standby agreement and a commitment related to the petroleum levy. He stressed that compliance with these agreements is crucial to avoid past pitfalls and ensure a smooth and stable economic course.
The increase in petrol and diesel prices comes as a response to the recent upward trend in global oil prices, which has impacted the national economy. The government has taken this step to stabilize the fiscal situation and fulfill its obligations under the IMF program.
The decision has sparked discussions among citizens and various stakeholders, given the potential implications on transportation costs and overall living expenses. As the public grapples with the price hike, the government is expected to closely monitor the situation and take necessary actions to address any adverse effects on the people.
It remains to be seen how this price increase will affect the nation’s economy and how the government will balance the interests of the public with its commitments to the IMF. As the situation unfolds, further developments will be closely monitored by all parties involved.