Pak Govt increased the fuel prices by Rs 30 due to IMF pressure

Islamabad (Pakistan) – IMF has declined to lend USD 6 billion after seven days of negotiations. Hence, Pakistan has increased the fuel prices by Rs 30 (Pakistan Rupee). The cost of one litre of petrol in Islamabad has reached Rs 180 and diesel at Rs 174. One Indian rupee is equivalent to 2.61 Pakistani Rupee.

Finance Minister Miftah Ismael said, ’The Government did not have any alternative but to increase the fuel prices. Even under the new price, we are still incurring a loss of Rs 56 per litre on diesel’.

Industry leaders slam Pak govt for fuel prices hike#BMG #Pakistan #PetrolDieselPriceHike #ShehbazSharif #Tradeandindustry

Read More :https://t.co/e4yn8cMLmj

— Update News 360 English (@Updatenews360E) May 28, 2022

The IMF had stopped the third payout of the 8 billion dollar loan after the collapse of the Imran Khan Government. Pakistan had received approximately 20 billion dollars but they were already spent during Imran Khan’s tenure.

Currently, Pakistan is left with only 12 billion dollars in foreign exchange. Out of which, 9.5 billion dollars are deposits from Saudi Arabia, China, and UAE, which the Government cannot spend.