The government is not in a position to bear subsidies on petroleum products anymore, said Federal Finance Minister of Pakistan Miftah Ismail on Wednesday, and announced an increase in the prices of petrol by Rs24.03, taking it to the record high of Rs 233.89 per litre.
From June 16, petrol will be sold at Rs 233.89 per litre and diesel at Rs 263.31, kerosene oil will be sold for Rs 211.43, and the price of light diesel oil will be Rs 207.47, said the minister.
Minister Miftah, who was flanked by State Minister for Petroleum Musaddaq Malik, criticized the policies of the previous government and said that it “deteriorated the country’s economy”.
Miftah said that former PM Imran Khan had deliberately reduced the prices of petrol by giving subsidies and the incumbent government was bearing the brunt of those decisions.
According to Minister Miftah Ismail, Pakistan, on every litre, was bearing a loss of Rs 24.03 on petrol, Rs 59.16 on diesel, Rs 39.49 on kerosene oil and Rs 39.16 on light diesel oil.
He said that in May, this loss had gone past Rs 120 billion — three times greater than running the expenses of the civil government, which amounts to Rs 40 million.