International market determines petrol price: PM

ISLAMABAD: Prime Minister Shehbaz Sharif has broken his silence on the massive increase in the recent price of petroleum products.

In an interview with Aaj TV, the premier said that over the past three months, there has been a significant decrease in the price of petrol.

He said that the price of petrol is aligned with the international market, which recently witnessed a sudden increase in oil prices. “Consequently, we were compelled to raise the prices of petroleum products as well,” he said.

“We are bound by the IMF agreement, and according to its terms, we can’t provide any subsidies beyond the designated budget allocation,” he added.

Read more: Govt increases oil prices by up to Rs19.95 per litre

The government on Tuesday increased oil prices by up to Rs19.95 per liter. The government has increased the petrol price by Rs19.95 per liter, bringing the new price to Rs272.95 per liter.

Similarly, the government has jacked up the price of high-speed diesel by Rs19.90, taking the new price to Rs273.40 per liter.

Speaking at a press conference in Islamabad, Finance Minister Ishaq Dar announced that the increase in petrol and diesel prices would take immediate effect.

He further elaborated that the recent surge in global oil prices compelled the government to adjust the prices, ‘keeping the national interest in view’.