ISLAMABAD: Pakistan’s finance minister Ishaq Dar announced Tuesday the government had decided to keep the prices of petroleum products unchanged for the rest of the month after consulting the prime minister of the country.
Pakistan determines the prices of petroleum products on a fortnightly basis while considering their fluctuating rates in the international market.
The government steadily increased the prices of these products after taking over the political power in April since it was seeking the resumption of a bailout package offered by the International Monetary Fund (IMF).
However, it brought down the petrol prices more recently in October to bring relief to people amid soaring inflation in the country.
“The government has decided after seeking permission from Prime Minister Shehbaz Sharif that it will not increase the price of any petroleum item,” the finance minister announced in a brief video message circulated on social media. “The [current] prices of all the items – petrol, diesel, light diesel oil and kerosene oil – will remain unchanged. The prices that are being implemented today will also be retained between November 16 and November 30.”
The IMF has continued to encourage Pakistan to implement strict economic reforms by progressively increasing petroleum prices and power rates.
However, such measures taken by the government in the recent months have led to spiraling inflation which now stands at about 27 percent.
As of now, the cost of petrol continues to remain at Rs224.80 per liter. High-speed diesel will be sold in the country Rs235.30 while the prices of light-diesel and kerosene oil will remain Rs186.50 and Rs191.83, respectively.
