Pakistan increases petrol, diesel prices by 17% | Daily News

Pakistan increases petrol, diesel prices by 17%

PAKISTAN: Pakistan increased petrol and diesel prices for consumers by 17 per cent at the pumps starting on Friday, finance minister Miftah Ismail announced. Both being raised 30 Pakistani rupees each per litre.

This is the second time in a week Pakistan will slash the fuel subsidies in a bid to control the fiscal deficit and secure International Monetary Fund bailout money.

Ismail said there remained a subsidy of about 9 Pakistani rupees per litre, reported news agency Reuters.

On May 27, the Pakistan Government increased the rate of petroleum products by 30 PKR per litre, or up to one-fourth of their existing prices.

Meanwhile, Higher oil and gas prices have contributed to the inflation that is plaguing the US and Europe and sapping consumer purchasing power.

The US saw a record high average gasoline pump price on Thursday of $4.71 per gallon, according to AAA. The price of crude makes up about half the price of gasoline at the pump in the US, and prices could go even higher as the summer driving season gets under way.

- THE HINDUSTAN TIMES


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