The latest rise came on top of an already Rs 60 increase in the prices of petroleum since May 25. The new petrol price has been fixed at Rs 233. 89 per litre, HSD at Rs 263. 31 per litre and kerosene oil at Rs 211. 47 per litre. He said the prices of all products had now been brought to their purchase price and the element of subsidy or price differential claim had been eliminated. “There is no more government loss on the sale of petroleum products,” he said, hoping to conclude an agreement with the IMF for reviving loan support.
PM Sharif on Thursday defended the unpopular moves, saying that the government was “left with no choice” because of “those who struck the worst ever deal” with the IMF. The finance minister also blamed the previous Imran Khan government for making a faulty agreement with the IMF that had tied the hands of the incumbent and forced it to increase oil prices to put the economy on the right track. “If we don’t increase oil prices, the country could face a default,” he said, admitting that the middle class would suffer from the petrol price hike.