ISLAMABAD (Kashmir English): Federal Minister for Petroleum Ali Pervaiz Malik announced during a televised interview that Pakistan plans to implement a substantial fuel levy increase next week.
The country plans to proceed with this fuel levy increase if its talks with the International Monetary Fund do not result in any financial assistance. The minister confirmed that the government maintains ongoing talks with the IMF.
He mentioned that the lender’s discretion will determine whether they raise the petroleum levy. The authorities plan to impose an additional petrol and diesel price increase between Rs.50 and Rs.55 starting next Friday because they have not received any relief.
Malik explained that Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar, together with military leaders, have worked to create economic stability during difficult times.
He pointed out that Pakistan entered its current economic crisis without essential foreign currency reserves and necessary fuel stockpiles.
The minister confirmed that the government maintained continuous fuel supply operations throughout the nation despite facing financial limitations. The federal and provincial governments dedicated Rs.100 billion to consumer relief programs.
The government executed this plan by eliminating the diesel levy to transfer the entire charge to petrol. Malik stated that Pakistan currently sells diesel at some of the lowest prices in the world because of government measures.
The minister explained that Pakistan needs IMF assistance to achieve economic recovery. The country will face major financial problems if it does not follow the established terms of its agreement with the IMF.
The minister announced that petrol prices had decreased by Rs.80 per litre before the current price change because it had been necessary to reduce prices due to external factors, according to critics.
Current Petrol Prices in Pakistan
The federal government on Friday increased diesel and petrol prices by Rs26.77 per liter each for the next week, effective from Saturday.
According to the notification issued by the Petroleum Division, the petrol price has reached Rs 393.35 per litre with an increase of Rs 26.77. The prior price of petrol was Rs 366.58 per liter.
Similarly, the High Speed Diesel price has been fixed at Rs 380.19 per liter from Rs 353.42, with a rise of Rs 26.77.
The new prices will be applicable from 12 midnight, the notification said.
