The government is considering gradually withdrawing the petroleum product subsidy ahead of talks with the International Monetary Fund (IMF) for the renewal of the $6 billion loan programme, reports Geo News.

According to the sources of Geo News, the government has received a summary from the Oil and Gas Regulatory Authority (OGRA) for the POL prices from May 16. According to individuals familiar with the situation, the government is likely to progressively phase away subsidies on all petroleum products, with a decision on fuel prices for the next two weeks due on Sunday.

If the government removes all subsidies on petrol, the price will rise to Rs190 per litre.

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Similarly, the government is subsidising fuel at Rs73.04 per litre and kerosene at Rs43.16 per litre. If the subsidy is removed, diesel and kerosene prices will rise to Rs230 and Rs176 per litre, respectively.

Earlier, Prime Minister (PM) Shehbaz Sharif dismissed the proposal from OGRA to raise the price of petroleum products.