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Fuel prices hiked in cash-starved Pakistan

The Pakistan government has hiked the prices of petrol and diesel by Rs 5.15 per litre and Rs 5.65 per litre respectively, even as the country is facing a severe financial crunch.
Fuel prices hiked in cash-starved Pakistan

The Pakistan government has hiked the prices of petrol and diesel by Rs 5.15 per litre and Rs 5.65 per litre respectively, even as the country is facing a severe financial crunch.

Prime Minister Imran Khan late on Wednesday approved the recommendation of the Oil and Gas Development Authority's (OGRA) to increase the fuel prices. While petrol will cost Rs 117.83 a litre, a litre of diesel will cost Rs 132.47, Geo News reported.

Apart from the hike in petrol and diesel prices, the rates of kerosene oil and light diesel have now become costlier by Rs 5.38 and Rs 8.90. The new prices for diesel, kerosene and light diesel now stands at Rs 132.47 and Rs 103.84 respectively.

The changes came into effect from Thursday at 12 am (local time).

The OGRA on Tuesday had moved the recommendation to the government containing calculations on petroleum prices on the basis of higher general sales tax and petroleum levy, according to The Dawn.

The move comes a day after the government ordered the rollback of the prices of 'naan' and 'roti', the country's staple and hugely popular flatbreads. Currently, the rates of naan are ranging between Rs 12 to Rs 15 in different cities across Pakistan, while roti is available at Rs 10 to Rs 12 a piece.

The new prices which are yet to be revealed are expected to be substantially lower than the current ones.

As Pakistan continues to battle a ballooning balance-of-payment crisis, several countries including China and Qatar, have provided bailout packages to the country.

The IMF also approved a bailout package of USD 6 billion for Pakistan in May. Islamabad received the first tranche of a loan of USD 991.4 million from the global moneylender earlier this month.

( With inputs from ANI )

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