Pakistan Grapples With Economic Turmoil As Fuel Prices Surge Over Rs 330 Per Litre
The Pakistan government has announced yet another staggering hike in fuel prices, pushing them to unprecedented heights, with petrol and diesel now priced well over Rs 330 per litre.
Pakistan’s Ministry of Finance unveiled the latest blow to consumers, raising petrol prices by Rs 26.02 and diesel prices by Rs 17.34 per litre, further exacerbating the financial strain on the already beleaguered populace.
Since the beginning of September alone, the government has hiked fuel prices by Rs 14, adding to the cumulative increase in the past month, now standing at an astonishing Rs 58.43 for petrol and Rs 55.83 for diesel.
This relentless surge in fuel costs comes at a time when Pakistan is grappling with a multitude of economic challenges, chief among them being an alarming inflation rate that surged to over 27.4 per cent in August. This skyrocketing inflation has placed immense pressure on citizens, making it increasingly difficult for them to make ends meet and maintain their living standards.
The economic woes facing Pakistan have been further compounded by the country's ongoing political turbulence, with a caretaker government at the helm since August. Political instability has added to the complexity of addressing the nation's economic issues, leaving many citizens uncertain about the future.
Attributing the soaring fuel prices to international market trends, the government cited the need to revise consumer prices of petroleum products to align with global dynamics. These fluctuations in global oil prices have played a pivotal role in the continuous escalation of fuel costs within the country.
To meet its commitments to the International Monetary Fund (IMF), Pakistan has imposed a petroleum development levy of Rs 60 per litre and additional charges of Rs 50 on high-speed diesel. The IMF has extended financial support to Pakistan in the form of a USD 3 billion bailout program, with USD 1.2 billion disbursed in July, aimed at stabilising the nation's fragile economy.
