Pakistan steeply hikes petroleum prices under deal with IMF to revive bailout programme
The Hindu
Prices of all petroleum products went up by about Rs. 14-19 per litre [Pakistani Rupees] after the decision came into effect from midnight on June 30.
The Pakistan government has steeply hiked petroleum prices to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled $6 billion bailout package for the cash-strapped country.
Prices of all petroleum products went up by about Rs. 14-19 per litre [Pakistani Rupees] after the decision came into effect from midnight on June 30.
According to a notification issued by the Finance Ministry, the government imposed a Rs. 10 per litre petroleum levy on petrol and Rs. 5 each on high-speed diesel (HSD), kerosene and light diesel oil (LDO). As a result, the per-litre price of petrol has been increased by Rs. 14.85, HSD by Rs. 13.23, kerosene by Rs. 18.83 and LDO by Rs. 18.68.
The ex-depot price of petrol now stands at Rs. 248.74 per litre, HSD at Rs. 276.54, kerosene at Rs. 230.26 and LDO at Rs. 226.15. Finance Minister Miftah Ismail told the media that the petroleum levy was imposed to revive the IMF programme suspended four months ago after the previous government led by Imran Khan reneged from signed agreements.
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This is the fourth hike in petroleum under the incumbent government which took power in April. The IMF has set tough preconditions such as hiking electricity tariffs and imposing a levy on petroleum products to revive the stalled bailout programme.
The IMF Fund also asked Pakistan to set up an anti-corruption task force to review all the existing laws that were aimed at curbing graft in the government departments.
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