Govt likely to increase fuel prices

ISLAMABAD: The federal government is likely to jack up the fuel prices to meet the IMF’s conditions, ARY News reported on Wednesday.

As per details, the current levy on diesel is Rs 40 and the government is eyeing to increase the levy to Rs 50.

The finance minister has already announced the hike in levy percentage. This is International Monetary Fund’s (IMFs) condition to increase the levy on petroleum products to Rs 50.

In abidance with IMF conditions, the government is already getting a Rs 50 percent levy on petrol prices.

It will also affect the dollar price and it may hike up as the dollar price went up to Rs 232 last time. The current value of the dollar is around Rs 268.

Furthermore, the finance ministry will make the final decision after consultation with PM Shehbaz Sharif.

Earlier, the Finance Minister Ishaq Dar announced that the federal government decided to raise the prices of petrol and diesel by Rs35 per litre.

In a televised address, Ishaq Dar had said that 11 per cent increase was witnessed in the prices of petrol products in the international market.

Dar further announced that the prices of kerosene oil and light diesel oil had been increased by Rs18 per litre.

Govt likely to jack up fuel prices