According to the finance ministry, the government on Tuesday decided to keep the prices of petroleum products unchanged to provide relief to the consumers. “With a view to provide maximum relief to the consumers, and despite revenue losses due to rising petroleum prices globally, the Prime Minister of Pakistan has directed that the current prices of petroleum products as notified on 27th May, 2022 shall remain unchanged,” the finance ministry said in a statement issued here.
Last week, Finance Minister Miftah Ismail announced the increase in the price of petroleum products after the International Monetary Fund (IMF) emphasised abolishing the subsidies on commodities. The finance minister noted some burden had to be shifted onto the masses, but despite the massive increase in the price of petroleum products, the government was still bearing losses. Following the increase in the price of petroleum, the markets witnessed stability, while the rupee also started gaining against the dollar and finally stopped breaking records.