The Pakistan government has steeply hiked petroleum prices to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled USD 6 billion bailout package for the cash-strapped country.
Prices of all petroleum products went up by about Rs14-19 per litre after the decision came into effect from midnight on Thursday.
According to a notification issued by the finance ministry, the government imposed a Rs 10 per litre petroleum levy on petrol and Rs 5 each on high-speed diesel (HSD), kerosene and light diesel oil (LDO).
