ISLAMABAD – Ishaq Dar, the finance minister, announced a significant hike in petrol prices on Tuesday for the first two weeks of August 2023.
Government Announced New Petrol Prices
He told a news conference that the price of petrol had increased by Rs. 19.95 and diesel by Rs. 19.90 per litre.
He said that the adjustments had been made with the growth of the global market in mind.
While the cost of high-speed diesel has increased to Rs273.40 per litre, the new price of petrol has been set at Rs272.95 per litre.
The minister said that the most recent gasoline and diesel prices will take effect right away and added that the adjustments had been made with the increasing trend in the global market in mind.
The current coalition’s administration ends on August 12, which is the final time it has adjusted the pricing.
Dar said that a rise in petrol prices was necessary since Pakistan and the International Monetary Fund (IMF) had agreed to add a petroleum development levy (PDL) to the fuel price.
If the government had not been negotiating with the international lender, he claimed, it would have announced a drop in oil prices.
In order to assist the government’s plans for economic stabilization, the IMF Executive Board this month approved a Stand-By Arrangement (SBA) for Pakistan for a period of nine months in the sum of around $3 billion. The cash-strapped nation has been subjected to strict requirements in return from the international lender.
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