Islamabad: For the last few months, Pakistan is passing through a period of deep economic crisis and hunger. The ever-increasing inflation has made life difficult for people. Despite this, the Pakistani government is not ready to show any mercy to the public. Petrol prices have been increased by Rs 10 per liter in Pakistan facing a cash crunch.
After this latest increase in the price, the price of petrol in Pakistan has now increased to Rs 282 per liter. There has been a huge fall in the value of the currency in the country facing a severe economic crisis. In such a situation, the problems of the people who are already troubled by the skyrocketing inflation have increased.
Rs 282 per liter petrol
Finance Minister Ishaq Dar announced the hike in late night live telecast saying that there has been no change in the prices of diesel and light diesel oil. Their prices will be Rs 293 and Rs 174.68 per liter respectively. The price of kerosene has also increased by Rs 5.78 to Rs 186.07 per liter. The new prices have become effective from late Sunday night.
Inflation shock in Ramadan
Dar accepted that this amendment was necessary because the prices of petroleum products have increased in the international market in the last 15 days. Please tell that during Ramadan, the Pakistani government has given a big blow to the people. Because already people in the country are worried due to the inflation related to food items. In such a situation, due to the increase in the price of petrol, there is a possibility of increasing inflation. The Organization of the Petroleum Exporting Countries (OPEC+) announced production cuts earlier this month. Since then the prices of crude oil have increased.
Debt-ridden Pakistan has failed to reach a staff-level agreement on a US$1.1 billion bailout package from the International Monetary Fund to save the country from bankruptcy. The fund is part of the USD 6.5 billion bailout package approved by the IMF in 2019. Analysts say that if Pakistan has to repay its external loan, then this bailout package is very important.
