As of today, Pakistan has taken its citizens by surprise by implementing a significant hike in petroleum prices. The Finance Minister, Ishaq Dar, has suddenly announced an immediate increase in both petrol and high-speed diesel (HSD) prices by Rs 19.95 and Rs 19.90 per liter, respectively. This unexpected move has dealt a blow to the people of Pakistan.
On Tuesday night, the government made the decision to raise fuel prices after thorough deliberation. The primary aim was to protect citizens from the effects of rising global oil prices. Regrettably, due to increasing economic pressures, the authorities had no alternative but to transfer some of the burden to consumers.
New Petrol Prices
With this recent increase, the per-liter price of petrol has soared to Rs 272.95, while diesel prices reached Rs 273.40. This significant price surge is likely to hit the already burdened consumers hard, as fuel costs play a vital role in the daily lives of millions of Pakistanis.
Financial analysts were predicting a possible decline in petroleum prices, but the government’s decision came as a surprise. The current administration has been walking a tightrope, attempting to address the needs of the people while managing the challenging economic situation.
Please be aware that this will mark the final adjustment in petroleum prices while the current government is in office, as their term in the legislative assembly concludes on August 12, 2023. Throughout their tenure, the government has regularly revised petroleum prices every two weeks, which has been a subject of dispute among the public.
The experts had predicted a populist action in the last revision, considering the government’s tendency to make bold choices since it took office in April 2022. Over their term, the government has regularly raised fuel prices to fulfill the conditions of the IMF loan program, burdening the citizens with a substantial petroleum levy.
The recent increase in fuel prices in Pakistan can be attributed primarily to the country’s significant dependence on imported petroleum products, which are mainly bought using US dollars. Unfortunately, the Pakistani Rupee (PKR) has been consistently depreciating against the dollar in the past week, making it challenging for the government to lower petroleum prices any further.
As the citizens brace themselves for the economic challenges ahead, the government’s decision to increase fuel prices has sparked debates and discussions across the nation. The impact of this move on the public’s daily lives and businesses remains to be seen as Pakistan continues to grapple with its economic issues.
