Govt Raises Petrol Price By 5 Rs A Litre

Govt Raises Petrol Price By 5 Rs A Litre
The price of petrol has been increased by rupees five a litre, taking the price of the essential fuel to Rs272 per litre.

The price of high-speed diesel has been raised by Rs13/litre, with the new rate setting at Rs293 per litre.

The new fuel prices have come into effect from Wednesday midnight, according to a press release by the finance division.

Among other POL products, the price of Kerosene was increased by 2.56 to 190.29 a litre, while there was no increase in the price of light diesel oil.

On February 28, the federal government announced a decrease of Rs5 per liter in the price of petrol for the next fortnight until March 15.

The increase comes at a time when Pakistan struggles to finalise a $1.1 billion deal with the IMF amid a financial crisis.

Earlier today, it was reported that the US Ambassador to Pakistan Donald Blome has expressed hope that a deal between Pakistan and the Fund will be finalised soon and assured readiness to assist Islamabad in its efforts to resume a stalled $6.5 billion bailout programme.

The envoy also said that the country's deal with the international lender would take shape in a few days.

While speaking to journalists, Blome said the US is ready to cooperate with Pakistan to help resolve the impasse. He also expressed the willingness to assist Pakistan in dealing with the economic crisis.

The country is seeking a $1.1 billion tranche to address its deteriorating balance of payments crisis, which would also open the door for friendly wealthy capitals to provide assistance to overcome the situation. The two sides have been in discussions regarding a stalled bailout package since late last year.

A week ago, Finance Minister Ishaq Dar said that he is ‘absolutely committed’ to completing the $7 billion IMF programme, saying Pakistan is close to entering a staff-level agreement with the Fund.