PHOTO: FILEThe government is going to bear another brunt of Rs23 billion for the first fortnight of April in order to maintain the existing petroleum prices amid political turmoil in the country and swelling crude oil prices in the wake of the ongoing Russia-Ukraine war. Earlier, the government had paid a heavy price of Rs28 billion for ongoing month of March due to higher global oil prices. Prime Minister Imran Khan had announced a reduction of Rs10 per litre in the petroleum prices and that the new rates would remain in place till the FY23 budget. The global crude oil prices had soared to around $112 per barrel from $94 a barrel before the start of the Russia-Ukraine war. The Economic Coordination Committee of the Cabinet had recently approved revision in premium on diesel and petrol imports amid higher global oil prices.

Source: The Express Tribune March 30, 2022 02:07 UTC