Islamabad: The Pakistan government has announced fresh increase in fuel prices, a decision being received as another blow for the masses, who are already grappling with inflation.
The substantial increase in fuel prices has also pushed per litre price of petrol and diesel to an all-time high.
As per the latest increase announced for the first 15 days of September 2023, prices of petrol have been increased by Rs14.91 per litre, pushing it to an all-time high of Rs 305 per litre. The per litre of High-Speed Diesel (HSD) has also increased by Rs 18.44, rising it up to an all-time high of Rs 311.84.
This is the first time in Pakistan’s history that prices of fuel have crossed the Rs 300 barrier. This comes at a time when the country is going through the worst form of inflation and economic crisis with every Pakistani feeling the extreme heat of its effects on their lives.
The caretaker government attributed these adjustments to the escalating trajectory of global petroleum prices and its corresponding fluctuations in exchange rates.
Pertinent to mention here that parallel to the towering and consistently increasing inflation and price hikes, the rupee has also been on a free fall against the US dollar with per dollar value crossing Rs 305 in the interbank and over Rs 350 in the open market.
The stock market also saw a free fall crash on Thursday as it saw its second-biggest overnight decline in the benchmark index, that plummeted by around 1,250 points (2.7 per cent). Experts say that the market fall is driven by concerns about the country’s faltering economy, rumours of an impending interest rate hike, and the persistent depreciation of the rupee.
The interim Finance Ministry of Pakistan maintains that the global trends of petroleum prices in the international market and exchange rate variations, which have prompted the latest increase in fuel prices.
“Owing to the increasing trends to petroleum prices in the international market and exchange rate variations, the government has decided to revise the existing consumer prices of petroleum products,” said a notification issued by the Interim Finance Ministry.
The latest increase is expected to further inflame the persistent anger among people, who are already protesting skyrocketing electricity bills, burning down thousands of bills in street protests and criticising the government for making life impossible to survive for a common man.
The government does not seem to have any solution to the fast-aggravating protests and public uproar as it is tied up in the IMF programme, which has almost chained the government from taking any economic decision without taking approval from the IMF itself.
The government has decided to reach out to the IMF and brief about the escalating anger and protests across the country due to increased imposed taxes and price hikes, seeking a solution and approval to work out a strategy to give relief to the masses, without deviating from the requirements of the IMF programme.
–IANS