(CTN News) – As a result, Minister of Finance Miftah Ismail announced that the government is no longer prepared to subsidise petroleum products, and as such, has decided to increase the petrol Price by Rs24.03, taking the price to a record high of Rs233.89 per litre.
On June 16, the petrol Price will be Rs233.89 per liter, diesel will be Rs263.31, kerosene oil will cost Rs211.43, and the price of light diesel oil will be Rs207.47, the minister announced.
During the press conference, Miftah – flanked by State Minister for Petroleum Musaddaq Malik – described the previous government’s policies as having “deteriorated the country’s economy”.
“Imran Khan deliberately cut petrol prices by giving subsidies,” Miftah said, adding that the incumbent government was bearing the brunt of those decisions.
According to him, Pakistan currently suffers a loss of Rs24.03 on petrol, Rs59.16 on diesel, Rs39.49 on kerosene oil, and Rs39.16 on light diesel oil per litre.
In May, this loss had surpassed Rs120 billion, which is three times more than the civil government’s operating expenses, which amount to Rs40 million.