After petroleum prices, now Pakistan may witness hike in power tariff

Speaking at a news conference, he said Minister for Finance Miftah Ismail had very skillfully finalised conditions with the International Monetary Fund (IMF) in recent negotiations, reports The Dawn.

He added that while borrowed money could not be doled out to the rich, a mechanism should be in place to ensure that the poor are protected in the process of withdrawal of subsidies.

“This is the high-level agreement under which we are taking all these decisions,” he said, adding the electricity prices would also be adjusted on the same lines so that the poor remain protected.

Finance Minister  Miftah Ismail on Thursday announced a spike in petrol products prices after the International Monetary Fund (IMF) emphasised abolishing the subsidies on commodities, media reports said.

In a press conference, the finance minister said the government has decided to hike the price of petrol, diesel, kerosene oil, and light diesel by Rs 30, effectively from May 27, reports Geo News.

The finance minister noted some burden had to be shifted onto the masses, but despite the massive increase in the price of petroleum products, the government was still bearing losses but vowed to soon strike a staff-level agreement with the Fund.

Now, petrol will cost Rs 179.86, while diesel Rs 174.15, kerosene oil Rs 155.56 and light diesel Rs 148.31.