Govt increases Petrol prices by Rs22 Per Litre. After presenting a ‘mini-budget’, the federal government jacked up the price of petrol by Rs22.20 per litre in a proposal to settle the International Monetary Fund (IMF) for vitalizing $7 billion Extended Fund Facility (EFF).
According to facts, the rate of petrol increased to Rs272.00 per litre from Rs249.80 per litre. The new prices will come into effect from 12 am tonight, look at the press announcement from the Finance Division.
Govt of Pakistan has decided to revise the existing prices of petroleum products, effective from 16 Feb,2023. pic.twitter.com/ivJuCgU849
— Ministry of Finance (@FinMinistryPak) February 16, 2023
The declaration said that the price of petrol was amplified to Rs272 per litre. Later hike of Rs22, pointed out that the flow has taken place because of the rupee’s devaluation beside the dollar.
Temporarily, the price of high-speed diesel (HSD) hiked by Rs17.20 per litre to Rs280.00. The price of kerosene jacked up by Rs12.30. Afterward the new price of kerosene oil has converted to Rs202.73 per litre. Likewise, the price of light diesel has been amplified by Rs9.68 to Rs196.68 per litre.
Previously in the day, Federal Minister Ishaq Dar presented the Finance (Supplementary) Bill 2023 or the “mini-budget” in the National Assembly. As the alliance government hurries to justify the conditions of the IMF. To protect loan program needed to avoid a default.
Stated that the International Monetary Fund (IMF) and Pakistan moved closer to the renewal of $7 billion Extended Fund Facility (EFF) as the lender replied to the Memorandum of Economic and Financial Policies (MEFP) draft.
The Fund has answered to the Memorandum of Economic and Financial Policies (MEFP) draft – sent by officials of Ministry of Finance and Revenue.
It is related to mention here that essential talks between the International Monetary Fund (IMF) and Pakistan. For the completion of the ninth review of $7 billion loan program began a day previously.
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The officials of the finance ministry would brief the IMF about the application of the conditions set by them for the renewal of the loan program.