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Federal Finance Minister Miftah Ismail (centre) and State Minister for Petroleum Musaddaq Malik (left) addressing a press conference in Islamabad, on June 15, 2022. — YouTube/PTV
Federal Finance Minister Miftah Ismail (centre) and State Minister for Petroleum Musaddaq Malik (left) addressing a press conference in Islamabad, on June 15, 2022. — YouTube/PTV

ISLAMABAD: Finance Minister Miftah Ismail announced Wednesday that the government has decided to increase the price of petrol by Rs24.03, following which the commodity will now be sold at Rs233.89 per litre — a record high.

“The [government] will now bear no more losses on petroleum products,” the finance minister said during a press conference, asking the masses to bear the burden for a few months as the government had no other option.

Miftah said the new prices would come into effect from 12am on June 16.

Commodity Old price New price Change
Petrol  Rs209.86 Rs233.89 +24.03
Diesel  Rs204.15 Rs263.31 +59.16
Kerosene oil 178.31 Rs211.43 +33.12
Light diesel oil Rs181.94 Rs207.47 +25.53

“We know that people would suffer because of this, but we were helpless as the other path was the path of destruction. We will not take the country towards it,” the finance minister said.

The finance minister the government would soon control inflation and provide relief to the people.

‘Imran Khan deliberately reduced the prices’

At the beginning of the press briefing, Miftah — who was flanked by State Minister for Petroleum Musaddaq Malik — criticised the previous government’s policies that, according to him, “deteriorated the country’s economy”.

“Imran Khan had deliberately reduced the prices of petrol by giving subsidies,” Miftah said, adding that the incumbent government was bearing the brunt of those decisions.

He said that currently, Pakistan, on every litre, was bearing a loss of Rs24.03 on petrol, Rs59.16 diesel, Rs39.49 kerosene oil, and Rs39.16 on light diesel oil.

He said that in May, this loss had gone past Rs120 billion — three times greater than running the expenses of the civil government, which amounts to Rs40 million.

‘We reject this robbery’

Reacting to the development, PTI leader Fawad Chaudhry took to Twitter and announced that his party had rejected the hike in petroleum products.

“We reject this robbery in the middle of the night with all our might,” he wrote.

“Increase in petrol prices by this much has broken the middle class. People should take part in the protest against this incompetent government.”

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