In Pakistan, the Government on Friday announced a further increase in petrol prices and high-speed diesel amid escalating economic difficulties.
The decision was made as a result of the “increasing trend” in petrol prices on the global market, according to a statement released by Pakistan’s Finance Ministry.
The high-speed diesel price climbed by PKR 17.34 per liter, and the latest petrol prices in Pakistan (PKR) 26.02 per liter, the second significant increase in two weeks.
In crisis-torn Pakistan, petrol prices have increased to PKR 333.38 per liter, while the price of high-speed diesel has decreased to PKR 329.18 per liter.
For the first time, petrol prices in Pakistan costs month surpassed the PKR 300 mark, as reported by Dawn.
Due to recent economic changes that have resulted in historically high levels of inflation and interest rates, which have put pressure on regular people and companies, diesel petrol prices, and electricity have skyrocketed in Pakistan.
Notably, a $3 billion loan program granted by the International Monetary Fund (IMF) in July prevented Pakistan from defaulting on its sovereign debt. Still, measures associated with the bailout have fueled annual inflation, which is currently running at 27.4%.
Recent weeks have seen occasional protests brought on by deteriorating economic conditions and escalating political tension in the lead-up to a national election set for November.
Anwaar-ul-Haq Kakar, the interim prime minister, claimed earlier this month that there is no “second option” and residents will have to pay inflated rates.
“By subsidizing, you postpone your financial commitments. You delay the problem rather than dealing with it, he told reporters in Islamabad. Stay tuned with Get Top Trends.