Govt hikes petrol, diesel prices by Rs24.03 and Rs59 per litre

Islamabad: Federal Finance Minister Miftah Isamil on Wednesday announced yet another hike in petroleum prices.

Addressing a press conference, he said the new prices would come into effect from midnight tonight

Starting from June 16, the price of petrol will be Rs233.89 per litre, diesel will be Rs263.31, kerosene oil will be sold for Rs211.43, and the price of light diesel oil will be Rs207.47, the minister said.

At the outset of the press briefing, Miftah criticised the previous government's policies that, according to him, "deteriorated the country's economy".

"Imran Khan had deliberately reduced the prices of petrol by giving subsidies," Miftah said.

The finance minister maintained the incumbent government was bearing the brunt of that, adding that currently, Pakistan, on every litre, was bearing a loss of Rs24.03 on petrol, Rs59.16 diesel, Rs39.49 kerosene oil, and Rs39.16 on light diesel oil.

He said that in May, this loss had gone past Rs120 billion — three times greater than running the expenses of the civil government, which amounts to Rs40 million.

The government has raised the petrol price by more than Rs84 per litre in the last 20 days.