The price of petrol, diesel, and kerosene in Pakistan has been increased by Rs 30 per liter (in Pakistani currency). Finance Minister Miftah Ismail said on Thursday night – the government has no other option than this. We also have to fulfill the conditions of the IMF and also look after the interests of the country. The special thing is that only 6 days ago, fuel rates in Pakistan were increased by Rs 30 per liter.
Along with petrol-diesel and kerosene, electricity is also going to give a tremendous jolt. The National Electric Power Regulatory Authority (Nepra) has also announced that electricity is being made costlier by Rs 7.91 per unit from next month. Now Rs 24.82 will have to be paid for the electricity of one unit.
New rates applicable from tonight
Mifta Ismail said- The previous government did not leave anything in our treasury. They made petrol and diesel cheaper by the way. Knowing that the people of this country will have to pay a huge price for it. Therefore, even without wanting, we have to take strict steps.
There is a lot of pressure from the IMF on the Government of Pakistan. The IMF had said on Wednesday – if Pakistan wants to improve its economy, then it will have to take many steps. Just making petrol, and diesel expensive will not work.
new fuel rates in Pakistan
Petrol: 209.86
Diesel: 204.15
Kerosene: 181.94
Light Diesel: 178.31
(Note: Prices are per liter in Pakistani Rupees. One Indian Rupee is equivalent to Pakistan's Rupees 2.55. One Dollar is equal to Pakistan's Rupees 198)
Negotiations with IMF inconclusive
After the fall of Imran Khan's government, the IMF had stopped the third tranche of the $8 billion loans to Pakistan. Pakistan had received about $ 2 billion in two installments, but it was spent during Imran's era.
After this, the Finance Minister of Shahbaz Sarkar Miftah Ismail reached the Doha office of IMF with a team of 12 people. From 18 to 25 May, that is, 7 days, the talks went on. Ismail wanted the IMF to somehow release the third installment of the loan for two months. Overall, $2 billion was needed to run the economy.
Now even friends are not ready to give loans
The IMF had told the Shahbaz Sharif government that only increasing the rates of petrol and diesel will not work, and increasing the rates of electricity too. Pakistan's foreign reserves are only $12 billion. Of this, $9.5 billion is in foreign deposits with Saudi Arabia, China, and the UAE. The government cannot spend them. The bigger problem is that all these countries are no longer ready to give loans to Pakistan. They say that until the IMF does not guarantee, they cannot give loans to Pakistan. Now Pakistan will have to accept every condition of the IMF.
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