Many reports also state that the government’s reason for deciding to increase the price of petroleum by Rs 30 was the fact that negotiations failed in negotiations with IMF. The Federal Minister of Finance Muftah Ismail declared an additional $30 per liter of diesel, petrol, and kerosene costs. The minister said that, after an increase of 30 rupees. 30 per liter, petrol would cost Rs. 179.86 per liter.
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Islamabad: In a major shock to the population, prices for petroleum and petrol in Pakistan are increasing by 30 percent beginning at midnight tonight, Finance Minister Miftah Ismail announced on Thursday. The decision will be in effect tonight at 12 noon.
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Following the announcement, the new petrol prices will be at 179.86 while diesel prices will cost Rs 174.15 for a liter. As per the Finance Minister, the price of diesel will be 174.15 per Liter, light diesel Rs 148.31 per liter, and Kerosene will cost a price of Rs 155.56 for a liter. The minister stated that the prices for petrol, the high-speed diesel and kerosene, and light diesel have seen an increase by 30 rupees per liter starting Friday.
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In full levy and taxation, The government has proposed to raise the cost of gasoline by the amount of Rs 83.50 per liter, whereas the price of kerosenes is increasing by an amount of 77.56 for a liter. 01 against the US dollar on the interbank market following the end to reach an agreement with the International Monetary Fund (IMF).
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The huge price hike is coming just a day after Prime Minister Shehbaz Shariff’s Pakistan government was unable to come to an agreement with the IMF regarding a financial bailout which was largely due to the unstable economic conditions within the country.
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Based on the full levy and taxes, the price of light diesel is now priced at Rs. 77. The plan is to raise the cost of oil products to 31 paise for a liter. When he made the announcement Ismail made it clear that it was a decision taken to ensure the rebirth of the IMF program.
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The final decision regarding the prices of oil products would be decided by the Ministry of Finance in consultation with the Prime Minister. The new prices for petroleum products will start on April 16. The minister also said that following the increase the currency of the country will increase and the markets would be stable in the coming days.
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A small amount of petroleum. Pumpjack pumps an oil well close to Lubbock, Texas. An oil refinery in Mina Al Ahmadi, Kuwait. Petroleum, also referred to as crude oil or just oil is a naturally occurring liquid with a yellowish-black hue, composed of mostly hydrocarbons. It is also located in the geological structures.
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The prices of petroleum in a specific area or country are influenced by a number of variables. The rupee of the country hit a record on Thursday of 200. The price for crude oil (the primary source for the majority of petroleum-related byproducts) refining, distribution, and profits from marketing and fuel taxes are just a few of the notable aspects.
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The current government is determined to collect the USD 3 billion remaining from the $6 billion packages. Asian countries such as China, India, Bangladesh, Indonesia, and Malaysia have the right subsidy tools as well as management systems.
| Fuel Type | Price | Old Price | Price Change | % Price Change |
| Petrol Euro 5 / V Power | 207 Rs./Ltr | 177 Rs./Ltr | +30 Rs./Ltr | 14.5 % |
| Petrol Super | 179.86 Rs./Ltr | 149.86 Rs./Ltr | +30 Rs./Ltr | 16.7 % |
| High Speed Diesel | 174.15 Rs./Ltr | 144.15 Rs./Ltr | +30 Rs./Ltr | 17.2 % |
| Light Speed Diesel | 148.31 Rs./Ltr | 123.97 Rs./Ltr | +24 Rs./Ltr | 16.4 % |
| Kerosene Oil | 155.56 Rs./Ltr | 126.56 Rs./Ltr | +29 Rs./Ltr | 18.6 % |
| CNG Region 1 | 145 Rs./KG | 139 Rs./KG | +6 Rs./KG | 4.1 % |
| CNG Region 2 | 195 Rs./KG | 180 Rs./KG | +15 Rs./KG | 7.7 % |
| Electricity Home | 20 Rs./Kw | 20 Rs./Kw | – | – |
| Electricity Station | 70 Rs./Kw | 70 Rs./Kw | – | – |
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In order to gain public support in the face of the no-confidence threat against him, exiled PM Imran Khan declared a freeze of four months (until July 30) on electricity and petrol price in February. Certain of these countries have fuel subsidy inclusion in their annual budgets that our country must be able to do too.