Government of Pakistan increased petrol prices to record high of Rs137.79

 High-Speed Diesel price increased by Rs12.49

The government has increased the petrol prices by Rs10.49. This brings the price to record high of Rs137.79.

High-Speed Diesel price has been increased by Rs12.49 to Rs134.48 per liter.

According to a notification issued by the ministry of finance, the price of kerosene oil has reached Rs110.26 after an increase of Rs10.85. Light Diesel price has also been increased by Rs8.84. It will now be available at Rs708.35 per litre.

Earlier on Thursday, the Oil and Gas Regulatory Authorit also known as Ogra had sent a summary to the Prime Minister Imran Khan for upward revision in the prices of petroleum products.

A copy of the summary, which was shared with the media, recommended an increase of Rs5.9 and Rs10 in the prices of petrol and High-Speed Diesel, respectively.

The prime minister, however, approved an increase of up to Rs12.49.

Govt to raise power tariff by Rs1.39 by November 1

Federal Minister for Energy Hammad Azhar said on Friday that the government has proposed NEPRA to increase the power tariff as Pakistan’s circular debt soars.

“An increase of Rs1.39 a unit will be applicable in power tariff from November 1,” he said. “This will not be applicable on consumers using less than 200 units of electricity.”

Finance Minister Shaukat Tarin in Washington to negotiate with the IMF

The increase in petroleum and electricity prices comes at a time when Finance Minister Shauklat Tarin is concluding his Washington visit where he met the IMF officials.

The finance minister was supposed to brief the IMF on the economic performance and situation of Pakistan.

If negotiations are successful the IMF will immediately disburse $1 billion.

The talks would likely affect common people in the country in three respects.

the IMF has told the government to abolish or significantly reduce all kinds of subsidies, according to officials.

It has demanded that the privatization program be expedited and that a timeframe be set for the auction of loss-making state-owned companies.

Last month, the State Bank of Pakistan raised the interest rate from 7% to 7.25% after a 15-month gap.