ISLAMABAD: The federal government has increased petrol prices by Rs. 24.03 and diesel by Rs. 59.16 per litre late Wednesday night despite Prime Minister Shehbaz Shaif had rejected the summary hike in the oil prices earlier on Wednesday.
The new prices will be imposed from June 16.
Addressing a press conference, Finance Minister Miftah Ismail said the government has hiked the prices “with a heavy” heart as there is no other option due to rising oil prices in the world.
The new price of petrol is Rs.233.89. The price of diesel has been hiked by Rs59.16 to Rs263.31 per litre from Rs204.15. The price of kerosene oil has been increased by Rs29.49 to Rs211.43per litre and that of light diesel (LDO) by Rs29.16 to Rs207.43per litre.
Ismail said the government is aware that the hike will lead to inflation, but the government was completed as the other option would have led to destruction.
“There will be relief after hardship. We will control inflation. But [at this moment] we couldn’t have done anything else but to pass on the price,” he said.
Light diesel oil