Finance Minister Ishaq Dar said on Tuesday that POL prices may rise by Rs 19.95 per litre.

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Finance Minister Ishaq Dar said on Tuesday that crude oil prices were rising by a whopping Rs 19.95 per litre.

The minister said the decision was taken "in the national interest" as he announced that the cost of high-speed diesel (HSD) was increasing by Rs 19.90 to Rs 273.40 per litre, while the cost of petrol was hiked. by Rs 19.95 to Rs 272.95 per litre.

Dar also said the new rates should be effective immediately. Dar explained that the increase was due to the increase in prices in the international market in the last 15 days.

He also stressed that his team tried to "work" on the recommendations of the Oil and Gas Regulatory Authority (Ogra) until late at night, but found themselves with their backs against the wall.

"The basic reason for the delay in the announcement was that we were looking at whether there are ways to reduce the price, whether there is any scope for that," he said, adding that Prime Minister Shehbaz Sharif was also taken into confidence and that the approval came, albeit reluctantly .

“We all know that the international commitments that we have with the International Monetary Fund (IMF) on oil taxes, if they were not there, we would have announced either a partial adjustment or whatever the prime minister saw fit to give a lower increase. ", he said, "but everyone knows we have a standby contract. He also pointed out that it was the previous PTI government's decision to renege on its promises with the IMF that harmed the country's national interests.