KARACHI: Pakistan has increased petrol and diesel prices by Rs 19.95 and Rs 19.90 per liter, respectively, effective from today. The government said the decision was inevitable due to the rising international oil prices and the commitments made to the International Monetary Fund (IMF).
The new fuel prices are Rs 272.95 for petrol and Rs 273.40 for diesel, which will have a severe impact on the inflation-hit consumers, as fuel costs affect their daily lives and businesses. The government had delayed the announcement, which was due on July 31, as it tried to minimize the hike.
This will be the last revision in fuel prices by the current government, which will end its term on August 12, 2023. The government has revised fuel prices fortnightly, in line with the IMF loan program, which requires a high petroleum levy. The government has also faced a continuous decline in the value of the Pakistani Rupee against the US dollar, which has increased the cost of importing petroleum products.
The government’s decision has sparked debates and discussions across the nation, as Pakistan continues to grapple with its economic challenges. The citizens are bracing themselves for the hardships ahead, as the fuel price hike will affect their livelihoods and incomes.