The prices of petroleum products in Pakistan shot up on Friday after the Shehbaz Sharif-led government, left with fewer options to prevent the country from spiralling into a deeper economic crisis, reduced the fuel subsidies by a record margin. The Pakistan government hiked the cost of all petroleum products by \u20b930 in local currency, the highest single-hike ever.<\/p>\n
Reports from Islamabad, as reflected in a hurriedly called press conference by finance minister MIftah Ismail, suggest that the move has been taken to placate the International Monetary Fund (IMF) for an economic bailout.<\/p>\n
The latest hike has raised the ex-depot prices of petrol to \u20b9179.86 per litre, high-speed diesel to Rs174.15, and kerosene to \u20b9155.56, according to local media reports. Despite the record single-hike in prices, the government would be still bearing a cost of \u20b956.71 per litre on high-speed diesel, \u20b921.83 on petrol, and \u20b917.02 on kerosene. This means there is still a lot of scope in the subsidy reduction and if this doesn\u2019t change for Pakistan for good, the Sharif government may be forced to do away with all subsidies gradually.<\/p>\n","protected":false},"excerpt":{"rendered":"
The prices of petroleum products in Pakistan shot up on Friday after the Shehbaz Sharif-led government, left with fewer options to prevent the country from spiralling into a deeper economic crisis, reduced the fuel subsidies by a record margin. The Pakistan government hiked the cost of all petroleum products by \u20b930 in local currency, the highest single-hike ever. Reports from Islamabad, as reflected in a hurriedly called press conference by finance minister MIftah Ismail, suggest that the move has been taken to placate the International Monetary Fund (IMF) for an economic bailout. The latest hike has raised the ex-depot prices […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141,130,183],"tags":[],"class_list":["post-493998","post","type-post","status-publish","format-standard","hentry","category-hindustantimes","category-newspapers","category-oil-gas-hindustantimes"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/493998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=493998"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/493998\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=493998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=493998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=493998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}