Petrol selling at Rs 180/L in Pakistan after govt lifts subsidy

Burning another massive hole in the common man's pocket, the Pakistan government increased the prices of petroleum products by Rs 30 per litre. 

With the fresh hike, petrol is being sold at ₹ 179.85, diesel at ₹ 174.15, kerosene at ₹ 155.95 and light diesel at ₹ 148.41. The new rates came into effect today.

This comes a day after the talks between the Pakistan government and the International Monetary Fund (IMF) in Qatar failed to reach an agreement on an economic bailout and the and the IMF staff-level agreement for the revival of the USD 6 billion programme ended.

The IMF in a handout on Wednesday emphasised upon "urgency of concrete policy actions, including removing fuel and energy subsidies".

Finance Minister Miftah Ismail said it has become indispensable to shift the fuel price burden on the masses as the IMF had refused to give "any relief" until the fuel subsidy was removed.

The previous Imran Khan government in February had capped the prices of petroleum products until June despite having an agreement with the IMF to increase the prices.

When his government was removed in April, the new government needed IMF support but it was in fix over the issue of hiking the prices.