ISLAMABAD – The federal government is likely to slash petroleum prices by up to Rs20 per liter for the first fortnight of April amid fluctuation of prices in the international market.
Reports in local media suggest a proposal has been prepared to make a cut of Rs4.30 in petrol price and Rs20 in high-speed diesel as people in the crisis-hit country are facing back-breaking inflation with no or little increase in income.
It was reported that a proposal to slash the price of kerosene by Rs13 per liter and light-speed diesel by Rs10 per litre has also been prepared.
The government will announce new petroleum products after a decrease in prices of petroleum products in the global market; London Brent oil witnessed a dip of up to 6.50 percent in recent times.
Meanwhile, a final decision about the petroleum prices will be taken by the ministry after consultation with Prime Minister Shehbaz Sharif as IMF is keeping eye on every move of the Pakistani government.
IMF turns down Pakistan’s proposal on fuel subsidy
US-based lender continued to give tough time to the incumbent Pakistani government and now rejected an initial proposal for subsidy on petroleum. IMF asked for a complete plan of the petroleum subsidy from the government.
Islamabad has been in contact with IMF to salvage much-needed bailout funds which were halted from last year.
