In recent times, Pakistan’s economic situation has been deteriorating, and its citizens are grappling with record-high inflation. The Pakistani government has been consistently raising prices on various commodities, and now, they have hiked fuel prices significantly.
Petrol and Diesel Price Hike
The Pakistani government has raised the price of petrol by Rs. 26.02 per litre and diesel by Rs. 17.34 per litre. This substantial increase adds to the burden faced by the public, who are already struggling with the rising cost of living. It’s worth noting that the government had promised relief to the public, but these price hikes are exacerbating inflationary pressures.
Current Fuel Prices
Last week, the Economic Coordination Committee (ECC) granted approval to petroleum dealers and oil marketing companies to increase their profit margins. The government has allowed a Rs. 3.50 per litre increase in the sales margin for both petrol and diesel. As a result, the new fuel prices in Pakistan stand at Rs. 331.38 per litre for petrol and Rs. 329.18 per litre for diesel.
Government’s Justification
The ECC’s decision to allow higher profit margins for OMCs and dealers may lead to further price hikes in petrol and diesel. The government cites the ongoing surge in global commodity prices as the reason behind these fuel price adjustments. It’s worth noting that the government had already hinted at plans to raise petroleum prices due to the rapid increase in global commodity prices.
Pakistan’s Economic Struggles
Pakistan has been facing economic challenges for some years now. Even small everyday items are becoming expensive for the average citizen. Although some relief has come through bailout funds from the International Monetary Fund (IMF), it hasn’t translated into a significant reduction in inflation. The situation remains challenging for Pakistan’s economy
