The coalition government is seriously considering increasing the price of petrol and other petroleum products in Pakistan for the remaining 15 days of May, Bol News reported on Saturday.
After slashing the subsidy, sources said the petrol price in Pakistan will reach an all-time high of around Rs190. The rate of diesel will also surge up to Rs230 if the subsidy is rolled back.
Sources reported to Bol News that the government is contemplating to increase the rates of petroleum products gradually rather than instantaneously.
Read more: Govt to devise policy for hike in petroleum prices: Miftah
The expected hike in rates of petroleum products will be made to resume the stalled talks with International Monetary Fund (IMF) for remaining tranche of $6billion bailout package for Pakistan.
Bol News has learnt that the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the government to increase the rates of petroleum products from May 16. However, the final decision in this regard is expected to be taken on Sunday.
Sources said that the government is refraining to increase the petroleum prices as it would invite public anger and add fuel to the PTI’s campaign against the incumbent coalition government.
However, the hike has become a compulsion for the revival of the IMF programme.
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