Another blow has been dealt to the common man in Pakistan, as petrol price increase by Rs 30. This hike is effective as of midnight on Thursday May 26, 2022, according to the government. In Pakistan after this increase in petrol price, one liter of petrol will cost Rs 179.85 (Rs 180 approx.) and one liter of diesel will cost Rs 174.15.
The announcement regarding the IMF bailout made at a press conference by Pakistan’s Finance Minister Miftah Ismail. Who made the announcement. Just one day after the talks between the Pakistani government and the IMF in Qatar broke down.
An agreement reached between the staff of the IMF. And the World Bank regarding the revival of a USD 6 billion programme.
The hike in petrol prices will result in a price of Rs179.86 (almost Rs 180). A diesel price of Rs174.15, kerosene oil at Rs155.56 and light diesel at Rs148.31 after today’s hike.
Former PM Imran Khan was also criticized by Pakistan’s Finance Minister for freezing petrol prices. As he knew his days in office were numbered.
IMF refused to help
On Wednesday, the IMF stressed the importance of “concrete policy actions, such as eliminating fuel and energy subsidies”.
According to Miftah, it has become necessary to shift the burden of fuel pricing on to the masses as the International Monetary Fund (IMF) has refused to give any relief until fuel subsidies are removed.
Despite having an agreement with the IMF to increase petroleum prices. The previous Imran Khan government capped petroleum prices in February until June.
As the previous government was removed from power in April, the new government needed support from the IMF. However, the new government was stuck over the issue of raising prices.
Although, the government finally took the bitter pill after the fund was unwilling to release any funds until the prices were revised upward, after which it had no choice but to release the funds.