PROTESTS HIT PETROL PUMPS IN PAKISTAN AS PETROL PRICES INCREASE AGAIN.
Pakistan's finance minister, Miftah Ismail, announced a 17 percent hike in petrol and diesel prices at the pumps beginning on Friday. Both have been increased by 30 Pakistani rupees per litre.
Pakistan will decrease fuel subsidies for the second time in a week in an effort to limit the fiscal deficit and secure bailout money from the International Monetary Fund.
According to Reuters, Miftah Ismail said there was still a subsidy of roughly 9 Pakistani rupees per litre.
According to the Dawn, petrol will cost 209.86 PKR, diesel would cost 204.15 PKR, kerosene oil will cost 181.94 PKR, and light diesel will cost 178.31 PKR after the latest round of hikes. Only the price of kerosene oil was increased by less than 30 PKR.
On May 27, the Pakistani government raised the price of petroleum products by 30 PKR per litre, or one-fourth of the previous cost.
On the one hand, the action is intended to help defuse landmines set by previous Prime Minister Imran Khan's government, and on the other, it will save the country from debt.
Miftah Ismail stated that the administration meets with the IMF on a daily basis and that "we cannot accept all of their requests," but that "there are certain areas that we must adhere to."
Miftah Ismail, on the other hand, stated that the government would maintain sugar and wheat rates at 70 PKR per kg and 40 PKR per kg, respectively, at utility stores across the country.
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