ISLAMABAD – Distressed masses in crisis-hit Pakistan will breathe a sigh of relief as prices of petroleum products are likely to go down from May 1.
The lowering fuel prices will give a slight comfort to the masses who are bearing the brunt as the skyrocketing prices have long been a hotly-debated political issue in the South Asian nation, with PTI and other opposition parties continue to blast the government against the hike.
Media reports said the price of fuel is likely to be cut by Rs4.5 per litre and the diesel price is expected to be slashed by Rs6 per litre.
The drop in fuel prices could bring high prices down and will help people linked to the agriculture department as the crop-harvesting season has started while people are facing soaring prices, specifically the salaried class.
Last fortnight’s review and current petrol prices
Let it be known that earlier in mid-April, the Sharif-led government increased the price of petrol by Rs10 and the price of kerosene oil by Rs5.78 in a surprise as the lower class is even cutting meals to survive.
The prices of petrol and kerosene oil were increased to Rs282 per litre and Rs186.07 per litre, which were earlier available at Rs272 and Rs180.29 per litre.
The government hinted at announcing a relief package for the masses under which a subsidy will be given to them on basic commodities especially petrol but it was never implemented as the economic crisis worsened.
IMF concerns over fuel subsidy
Petrol subsidy was never implemented as International Monetary Fund raised objections to the proposal, asking the government to share details about the implementation of the plan.
The lender turned down an initial proposal for subsidy on petroleum and demanded the complete plan. “The IMF has demanded a comprehensive plan of per litre 50 rupees subsidy on petroleum,” sources at the Ministry of Finance shared.
Pakistan has been in virtual contact with the IMF and the institution has insisted for the preparation of the revised plan of subsidy on petroleum.
Govt making petrol expensive for rich, cheaper for poor: Musadik
