Petrol price increased by Rs 14.85 per liter in Pakistan (symbolic picture)

Islamabad,

The government of Pakistan

,

which is facing economic crisis,

has drastically increased the prices of petroleum products according to the conditions laid down by the

International Monetary Fund (IMF).

Since the implementation of this decision, the prices of all petroleum products have increased by about Rs 14 to 19 per liter.

The government has taken this step in the hope of restoring a relief package of $ 6 billion from the IMF amid the cash crunch.

According to a notification issued by the Pakistan Finance Ministry on Thursday, the government has imposed a petroleum duty of Rs 10 per liter on petrol and Rs 5 per liter on high-speed diesel (HSD), kerosene and light diesel oil (LDO).

Due to this, the price of petrol has increased by Rs 14.85, in HSD by Rs 13.23, in kerosene by Rs 18.83 and in LDO by Rs 18.68 per liter.

The ex-depot of petrol in Pakistan is now Rs 248.74 per liter, HSD Rs 276.54, Kerosene Rs 230.26 and LDO Rs 226.15.

This is the fourth increase in petroleum products during the tenure of the Shahbaz Sharif government, which took power in April.

Finance Minister Miftah Ismail told reporters that the hike was to restore the IMF relief program that was suspended four months ago after the previous Imran Khan-led government backed out of agreements signed.


To restart the relief package, the IMF has put strict pre-conditions like increasing electricity rates and imposing duty on petroleum products.

After these conditions are implemented, the IMF will submit to its Executive Board Pakistan's request for the approval of the loan tranche and the revival of the programme.

This process may take another month.

On June 22, Pakistan signed an agreement with the IMF to restore the stalled $6 billion aid package and open the way for funding from other international sources.