Pakistan Hikes Fuel Prices: Pakistan’s economy is stuck in a serious crisis. Inflation is on the sky. It is becoming difficult for the people to even get the essential things. The value of Pakistani rupee is continuously falling against the dollar. Meanwhile, there has been a record increase in oil prices. Petrol price has increased by more than Rs 22. The price of petrol in Pakistan has now gone up to Rs 272 per litre.
The increase in the price of petroleum products will further increase the inflation in the country. After the increase in the price of petrol, the burden of inflation on the common people will increase with the ‘mini-budget’. IMF has put strict conditions for giving loans, including increase in the price of diesel and petrol.
Petrol prices skyrocket in Pakistan
According to the report of Geo News, a few hours after the release of the mini budget, Pakistan made a historic increase in the prices of petrol and gas on Wednesday (February 15) night. After an increase of Rs 22.20, the price of petrol has gone up to Rs 272 per litre. According to a press release of the Finance Department, the prices have increased due to the devaluation of the rupee against the dollar. It is believed that this has been done to please the International Monetary Fund (IMF) to unlock the loan installment.
petroleum prices in pakistan
Petrol price in Pakistan increased by Rs 22.20 to Rs 272 per litre. The price of high-speed diesel has been increased by Rs 17.20 to Rs 280 per liter. After an increase of Rs 12.90, kerosene will now be available at Rs 202.73 per litre. At the same time, light diesel oil will be available at Rs 196.68 per liter after an increase of Rs 9.68. According to the report of Geo News, the new prices will be applicable from 12 am on Thursday (February 16).
Will the economy be back on track?
According to the report, Katrina L, senior economist with Moody’s Analytics, predicted that inflation in Pakistan could average 33 per cent in the first half of 2023 and relief from the IMF alone is unlikely to bring the economy back on track. According to the information, through the mini-budget, the Shahbaz government led by the Pakistan Democratic Movement (PDM) aims to reduce the budget deficit and increase its tax collection.
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