Pakistan hikes fuel prices by Rs 30 per litre; petrol at Rs 179.86, diesel Rs 174.15

Islamabad: Pakistan government announced Rs 30 per litre increase in all petroleum products.

Finance Minister Miftah Ismail made the announcement at a press conference here on Thursday and explained that the decision was taken in order to ensure the revival of the International Monetary Fund (IMF) programme, the Dawn reported.

Now, the petrol will cost Rs 179.86, while diesel Rs 174.15, kerosene oil Rs 155.56 and light diesel Rs 148.31.

The new rate comes into effect from Thursday midnight.

The Minister said the Pakistan government had no other option, but to raise the prices, adding that the government was still bearing a loss of Rs 56 per litre on diesel, even under the new pricing.

He denied the claim that the price was revised solely due to the IMF's pressure.

"The Fund indeed refused to grant further loan until we raise prices... but we [also] had to take this decision after all," the Dawn quoted him as saying.

He also expressed hope that an agreement will be reached with the IMF in days to come. (UNI)