In another massive hike
\nMiftah says price of petrol has been moved up by Rs30 a few days after increasing the rate by the same amount
\nIslamabad
\nFinance Minister Miftah Ismail announced Thursday that the price of petrol has been moved up by Rs30 to Rs209.86, a few days after increasing the rate of the commodity by the same amount.
\nIsmail, in a press conference, said Prime Minister Shehbaz Sharif has approved hiking the price of petrol, diesel, and light diesel by Rs30 per litre, while the rate of kerosene oil has been hiked by Rs26.38 per litre. \u201c…kerosene oil is the only commodity which is not leading to losses for the government. However, we are facing losses of Rs8 on light diesel, Rs9 on petrol, and Rs23 on high-speed diesel,\u201d he said.
\nThe finance minister acknowledged that the lower-income segment of society would be affected the most as a result of the petrol price hike, but noted that the rate of oil has also sky-rocketed in the international market.
\nIn response to a question, the finance minister said he was hopeful of reaching an agreement with the IMF in June, but noted that there were some reforms that the government still had to do.
\n\u201cThe IMF wants to see our budget, so the reforms that we want to introduce will be introduced before the budget. However, we are speaking to the IMF on a daily basis,\u201d he said.
\nIsmail said the price hike was inevitable as he had to strike a deal with the international money lender as ex-finance minister Shaukat Tarin had \u201ctied the government\u2019s hands\u201d due to the agreements he made with the IMF during his tenure.
\nSubsides on edibles
\nIn a bid to ease the effect of inflation on the masses, the finance minister said the government would try its best to keep the price of sugar fixed at Rs70 per kg and wheat at Rs40 per kg at the utility stores.
\nThe finance minister said the government was giving subsides of Rs100 on cooking oil and Rs15 on rice and pulses at the utility stores across the country.
\n\u201cThe subsidies on cooking oil and ghee will continue for some time, but we will try to ensure \u2014 in line with PM Shehaz Sharif\u2019s directions \u2014 to keep the rates of sugar and wheat fixed.\u201d
\nElectricity prices
\nOn today\u2019s hike in electricity prices, the finance minister said he has \u201cnot seen\u201d the National Electric Power Regulatory Authority\u2019s (NEPRA) report as of yet, but assured that the increase would not reflect on June\u2019s bills.
\nNEPRA has raised the basic power tariff by Rs7.9078\/kWh for the next fiscal year 2022-23, increasing the burden of inflation on the people of Pakistan.
\nCurrently, the basic power tariff is Rs16.91 per unit, and with an increase of Rs7.9078 per unit, it will be more than Rs24 per unit.<\/p>\n","protected":false},"excerpt":{"rendered":"
In another massive hike Miftah says price of petrol has been moved up by Rs30 a few days after increasing the rate by the same amount Islamabad Finance Minister Miftah Ismail announced Thursday that the price of petrol has been moved up by Rs30 to Rs209.86, a few days after increasing the rate of the […]<\/p>\n","protected":false},"author":2,"featured_media":192477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2121,2416,7780],"class_list":{"0":"post-264124","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-increases","9":"tag-miftah-ismail","10":"tag-petrol-price"},"yoast_head":"\n