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Yet another petrol bomb!

ISLAMABAD:  The coalition government has augmented the price of petroleum products yet again to ensure the IMF releases the much needed tranche. 

Now citoyens will pay Rs. 248.74 for a liter of petrol, Rs. 276.54 for a liter of HSD, Rs. 226.15 for a liter of Light Diesel and Rs. 230.26 for a liter of kerosene oil. The new prices will come into effect from 1st day of July, 2022.

The Ministry maintained: “In views of the fluctuations in petroleum prices in the international market and exchange rate variation, the government has decided to apply petroleum levy partially and revise the existing prices of petroleum products as agreed with the development partners.”

petrol price increasedISLAMABAD: Finance Minister Miftah Ismail while talking to the journalists at a presser held here on Thursday (30th of June, 2022) informed that IMF had provided  a Memorandum of Economic and Fiscal Policies (MEFP) which happened to harbor some prior actions: “One of the prior actions required us to revive the program and raise petroleum development levy, but the PTI reneged on its accord with IMF at the end of February.”

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.