Petrol, diesel prices hiked massively in ‘national interest’

Petrol, diesel prices hiked massively in ‘national interest’ The petrol price in Pakistan has been increased by Rs19.95 per litre to Rs272.95 for the next fortnightly review, Finance Minister Ishaq Dar announced Tuesday, mentioning that the step was taken in line with "national interests". The announcement was due on July 31, but the government did not issue new rates as the officials tried to maintain or reduce the rates — keeping in view the impact of the price hike on inflation-weary people. Dar, who made the announcement as the finance minister for the last time as his government's term ends on August 12, said the price hike was inevitable as Pakistan had agreed with the IMF on slapping petroleum development levy (PDL) to the rates. Product Existing prices w.e.f 16.07.2023 New prices w.e.f 01.08.2023 Change Petrol Rs253 Rs272.95 Rs19.95 Diesel Rs253.50 Rs273.40 Rs19.90 "...we tried to either reduce or see what could be adjusted in its working. But we all know about our commitments with the IMF on the petroleum development levy," Dar mentioned. The finance minister said the government, had it not been in an agreement with the IMF, would have reduced the PDL. Dar said he would not resort to moves that the previous government did as it decreased the petrol price and failed to meet the commitments made with International Monetary Fund (IMF). Do not miss an important news update ever. Subscribe and hit the bell icon to subscribe to Geo News alerts https://bit.ly/3rDNo5j Watch Geo News LiveStream: https://youtube.com/live/O3DPVlynUM0 For More Videos Subscribe -    / geonews   Visit our Website for More Latest Update - https://www.geo.tv/ #petrolhike #ishaqdar #GeoNews