Petrol price jacked up by Rs24 per litre

ISLAMABAD: PML-N-led coalition government on Wednesday has jacked up petrol price by Rs24 per litre, ARY News reported.

The announcement was made by Finance Minister Miftah Ismail while addressing a press conference in Islamabad, citing government was not in a position to bear more subsidies anymore.

He said that the new prices will come into effect from 12 am on June 15.

Miftah criticised the previous government’s policies that, according to him, “deteriorated the country’s economy”.

The finance minister said the incumbent government was bearing the brunt of that, adding that currently, Pakistan, on every litre, was bearing a loss of Rs24.3 on petrol, Rs59.16 diesel, Rs39.49 kerosene oil, and Rs39.16 on light diesel oil.

Read more: PM Shehbaz Sharif rejects petroleum prices hike summary

Earlier, Prime Minister Shehbaz Sharif rejected the Oil and Gas Regulatory Authority (Ogra) summary, seeking an increase in the prices of petroleum products from June 16.

A notification from the Finance Division in this regard was issued.

The current price of petrol stands at Rs209.86, diesel at Rs204.15, kerosene oil at Rs181.94 and light diesel at Rs178.31.

The oil regulatory authority in a summary had proposed an increase in petroleum prices from June 16 in keeping light with negotiations made with International Monetary Fund (IMF).