In yet another attempt to combat the economic crisis in the country, Pakistan government has further revised the existing prices of petroleum products, effective February 16 (today).
According to reports, the government increased petrol prices by as much as 12.5 per cent. Now, the petrol prices per litre will be PKR 272.00, High speed diesel is PKR 280 and kerosene would be PKR 202.73.
Pakistan is struggling with instability stemming from an economic crisis, last summer’s devastating floods and a recent surge in violence. A critical $1.2 billion portion of the 2019 bailout has been stalled since December, with the IMF urging Pakistan to raise more cash. Economists predict Pakistan’s inflation rate of 26% could jump to 40% because of the new taxes. But they fear the inflation rate will jump to more than 60% if Pakistan fails to get the IMF loan.
About 21% of Pakistan’s 220 million people live in poverty, according to the Asian Development Bank. The majority are low- and middle-income, and less than 10% are wealthy elites.
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