New petrol price will be Rs209.86 per liter while diesel will be sold at Rs204.15 per liter.
ISLAMABAD: (UrduPoint/Pakistan Point News- June 3rd, 2022) The government on Friday decided to increase petrol and diesel prices by Rs30 per liter from June 3.
Finance Minister Miftah Ismail made the announcement during a press conference on Thursday.
After the increase in prices, new petrol price will be Rs209.86 per liter while diesel will be sold at Rs204.15 per liter.
The Minister said that the decision was taken due to the rising prices of petroleum products in the international market. He said that the government was still bearing losses despite the massive increase.
Besides this, Miftah said that the government was bearing loss of around Rs91 billion due to provision of subsidy on petroleum products as per the rates of May 31st.
The prices of petroleum products, however, increased further since May 31st in international market that could mount the losses to around Rs130 billion and put further burden on national exchequer.
The minister said that despite all this prices-hike, the government was still bearing loss of Rs.9 at per liter petrol, Rs23 on high speed diesel and Rs.8 at light diesel oil. However, there was no loss on kerosene oil.
The Minister said, “We understand that this would bring inflation but I want to inform people that it was inevitable as I have to make agreement with IMF.”
He said adding the decisions taken by former finance minister Shaukat Tarin in striking deal with IMF and later violating these had tied hands of the incumbent government.
The minister said that the hike in petrol prices would definitely increase inflation, however the government had taken measures to reduce negative effects of inflation on poor people buy providing relief package
The minister announced hike of Rs30 per liter petrol which would now be sold at 209.86 instead of Rs. Rs179.86 from June 3.
Likewise, the price of diesel has been enhanced by Rs.30 from Rs.174.15 to Rs.204.15; light diesel oil from Rs.148.31 to Rs.178.30, 30 percent increase whereas the prices of kerosene oil has been increased from Rs.155.56 to Rs.181.94, an increase Rs.26.38 per liter.
There were long queues outside the petrol pumps and people were seen criticizing the authorities concerned for inflation and high prices.
