Fuel prices touched a record historic high in Pakistan as the caretaker government announced yet another hike on Friday evening. As the cash-strapped country faces double-digit inflation, petrol and diesel prices touched historic highs on Friday.
The Ministry of Finance announced an increase in petrol prices by Rs 26.02 per litre and a surge of Rs 17.34 per litre in diesel after getting clearance from caretaker Prime Minister Anwaarul Haq Kakar, reported PTI. After the hike, petrol and high-speed diesel prices (HSD) crossed the Rs 330 per litre mark at the country’s fuel stations, the report said quoting the Pakistani newspaper, Dawn.
The increase in fuel prices comes after the inflation rate increased by over 27.4 per cent in August, creating extremely difficult circumstances for the common public who depend on fuel for both private and public vehicles.
The country’s finance ministry stated, “Owing to the increasing trend of petroleum prices in the international market, the government has decided to revise the existing consumer prices of petroleum products.”
Earlier this month on September 1, the Pakistani government increased fuel prices by more than Rs 14. This increase comes on top of the Rs 32.41 and Rs 38.49 per litre surge in petrol and HSD prices respectively, since August 15. Notably, within the last one month, petrol prices have seen a combined increase of Rs 58.43 per litre, while diesel prices have increased by Rs 55.83 per litre.
While the government doesn’t levy GST on petroleum products, it charges Rs 60 per litre petroleum development levy (PDL) on petrol and Rs 50 on diesel as per it’s commitment with the International Monetary Fund (IMF).
Notably, Pakistan received $1.2 billion from the IMF in July as part of it’s $3 billion bailout programme to help the government stabilise the Pakistani economy. The country’s economy has been in a free fall for many years now, leading to unprecedented inflation and difficult conditions for the common man.
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