Islamabad (Web Desk): The Fedral Government on Thursday announced a massive hike in the price of petroleum products.
Addressing a press conference, Finance Minister Miftah Ismail said the government has decided to hike the price of petrol, diesel, kerosene oil, and light diesel by Rs30, effectively from May 27.
The government also increased light diesel oil price by 25.4% to Rs148.31 per liter and kerosene by 24% to Rs155.56 per liter.
The minister said still the government would be paying about Rs56.71 per litre subsidy on HSD, Rs37.84 on LDO, Rs21.83 on petrol and Rs17.02 on kerosene.
The prices of petrol and high speed diesel (HSD) will jump up to Rs195 per litre and Rs230 per litre respectively, if the government withdraws all the subsidies on POL products at once.
