The government boosted petroleum product rates by Rs30 per litre, or up to one-fourth of their current pricing, in an unexpected decision on Thursday, paving the way for a staff-level agreement with the International Monetary Fund by June 12.
On the one hand, the unusual action will help detonate landmines set by former Prime Minister Imran Khan’s government, and on the other, it will save the country from default.
After Prime Minister Shehbaz Sharif gave him the go light in a party meeting, Finance Minister Miftah Ismail announced the decision in an unexpected news conference.
