Finance Minister Miftah Ismail announced another hike in the prices of petroleum products after the International Monetary Fund (IMF) emphasized the termination of subsidies to revive the bailout program
In a press conference, the finance minister explained that the decision was taken due to the rising prices of petroleum products in the international market.
The minister said that despite the massive increase, the government was still bearing losses.
“The government is still facing a loss of around Rs9 in petrol despite a hike of Rs30 as we are not collecting any tax on the fuel,” the minister said.
After the increase, the new prices are as follows (change to take effect from June 3):
Petrol – hike of Rs30 – new price Rs209.86
Diesel – hike of Rs30 – new price Rs204.15
Kerosene oil – hike of Rs26.38 – new price Rs181.94
Light diesel – hike of Rs30 – new price Rs178.31