Petrol prices likely to increase by Rs21 from May 16

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ISLAMABAD
The OGRA has prepared a summary of withdrawing subsidies of Rs21 on petrol and Rs51 on diesel that will be increased the prices of petroleum products for the next 15 days from May 16. According to a private television channel report, the Oil and Gas Regulatory Authority (OGRA) has completed working to withdraw the subsidy of Rs21 on petrol and Rs51 on diesel. The sources in the Ministry of Energy have confirmed that the work to withdraw subsidies on petroleum products has been completed and a summary of increasing prices will be sent to the government tomorrow (Saturday, May 14).
If the Shehbaz Sharif-led government approved the summary of ending subsidy then it is expected that the prices of petroleum products will increase. As per the report, petrol is being subsidized at Rs21.30 and diesel at Rs51.52 at the moment and after withdrawing of it, the petrol price will increase by Rs21.30 and diesel by Rs51.52.
Earlier, Finance Minister Miftah Ismail has said that the terms of the deal with the International Monetary Fund (IMF) and fuel subsidy have caused the economic turmoil in the country.
The PML-N leader said the country’s economy will take off as soon as we rid ourselves of the IMF’s trap. It is not easy to revive the economy from the disastrous condition the PTI left it in, Miftah said.
He said that subsidising petroleum products is causing severe stress on the finances of the country. The government has to take more loans to maintain the subsidy over petroleum products, he added.
PTI took record loans of $20 billion in their three years, which caused the economic collapse, Miftah said. The PTI government left us with only $10.5 billion in foreign reserves, which was sufficient for only 45 days of payments.
The local currency and markets improved as soon as the new government took charge, he said that he is hopeful that the economy will be revived soon, he added. The PML-N leader said that Imran Khan will be held accountable for the economic disaster he caused in three years of his government.