ISLAMABAD: Finance Minister Miftah Ismail announced Thursday a massive hike in the price of petroleum products to reduce the subsidies to secure next tranche from IMF.
The government hiked fuel prices so that it can resume receiving aid from a $6 billion package signed with the International Monetary Fund (IMF) in 2019, the country`s finance minister Miftah Ismail said. The prices have increased by 20%.
Addressing a press conference, Miftah said the government had decided to increase the price of petrol, diesel, kerosene oil, and light diesel by Rs30, effectively from May 27.
