The cost of petrol has been raised to Rs272.95 per liter, while diesel now stands at Rs273.40 per liter for the next two weeks.

Ishaq Dar asserts that the government is compelled to comply with IMF’s terms, resulting in these revisions taking immediate effect.

As his government’s term concludes on August 12, Finance Minister Dar made the announcement for the last time, stating that the price hike was unavoidable since Pakistan had committed to the IMF, necessitating the inclusion of a petroleum development levy (PDL) in the rates.

The updated prices have been implemented immediately.

Despite the scheduled announcement on July 31, the government refrained from issuing new rates as officials aimed to either maintain or reduce them, considering the potential impact of the price hike on people already burdened by inflation.

Struggles with Ogra’s Recommendations”

He also stressed that his team had tried to “work” on the Oil and Gas Regulatory Authority’s (Ogra) recommendations until the wee hours of the night but found themselves with their backs against the wall.

As his government’s term concludes on August 12, Finance Minister Dar made the announcement for the last time, stating that the price hike was unavoidable since Pakistan had committed to the IMF, necessitating the inclusion of a petroleum development levy (PDL) in the rates.

Petrol and Diesel Prices:

“…we tried to either reduce or see what could be adjusted in its working. But we all know about our commitments with the IMF on the petroleum development levy,” Dar mentioned.

The finance minister stated that if the government had not been bound by the IMF agreement, they would have reduced the petroleum development levy (PDL) to ease the burden on the public.

Avoiding Past Pitfalls in Pursuit of IMF Commitments

Dar expressed his commitment to avoid the approaches taken by the previous government, which lowered petrol prices but violated the commitments made with the IMF.

Regarding the significant increase in the international market’s high-speed diesel price, the finance minister explained that this led the government to raise the local rates.

“In the interest of the nation, it is essential that we pass on the calculated minimum,” the finance minister emphasized.

The IMF has imposed strict conditions to ensure the smooth continuation of the $3 billion Standby Agreement. One of these requirements is to raise the petroleum levy to Rs60 per liter.

The reaction of the Public :

Despite all of this, the public is furious over the massive hike in petrol prices imposed by Federal Finance Minister Ishaq Dar, especially those who are already struggling to make ends meet.

What’s Next?

The surge in petrol and diesel prices is set to have a profound impact on the lives of ordinary people, exacerbating the burden they already carry. As fuel prices soar, the cost of transportation and daily essentials will escalate, squeezing household budgets and affecting various aspects of daily life.

The increased expenses on fuel will not only affect commuters but also Ripple through industries and businesses, potentially leading to higher prices for goods and services. For many individuals and families already struggling to make ends meet, this price hike could deepen financial hardships, limiting their ability to afford essential commodities and making it challenging to maintain their standard of living.

As the situation continues to develop, there are significant concerns about the broader impact of these price increases on the nation’s economy and the well-being of its citizens. People are worried as they face the added financial pressure caused by these developments.

The rising fuel prices may affect the overall cost of living and could make it harder for people to manage their expenses. This situation remains a topic of concern as everyone tries to cope with the additional financial burden caused by these changes.

“Now, with eager anticipation, we await the unfolding of events, hoping for a brighter future filled with better prospects and positive changes.”