Islamabad. The Government of Pakistan has announced a fresh hike in fuel prices. This decision is being considered as another blow to the public, which is already struggling with skyrocketing inflation.
The steep hike in fuel prices has pushed the per liter price of petrol and diesel to an all-time high.
As per the latest hike announced for the first 15 days of September, petrol prices have been increased by Rs 14.91 per litre, taking it to an all-time high of Rs 305 per litre. Diesel per liter price has also increased by Rs 18.44, taking it to an all-time high of Rs 311.84.
For the first time in the history of Pakistan, the price of both the fossil fuels has crossed Rs.300. The country is already passing through the worst phase of inflation and economic crisis and every Pakistani is feeling its impact on their lives.
The caretaker government attributed these adjustments to the increase in global petroleum prices and the corresponding fluctuations in exchange rates.
It is pertinent to mention here that in parallel with the rampant and ever-increasing inflation and price rise, the Pakistani Rupee is also continuously depreciating against the US Dollar. The dollar has crossed 305 PKR in the interbank currency market and over 350 PKR in the open market.
The country’s stock market also saw a huge decline on Thursday. The benchmark index saw its second biggest one-day fall, shedding nearly 1,250 points (2.7 per cent). Experts say the fall in the market was driven by concerns over the country’s faltering economy, rumors of an imminent interest rate hike and the continued depreciation of the rupee.
Pakistan’s interim finance ministry says the latest increase in fuel prices is due to the global trend of petroleum prices in the international market and variation in the exchange rate.
This is expected to further fuel anger among people, who are already protesting against skyrocketing electricity bills. Thousands of people are burning bills in street protests and criticizing the government for making life impossible for a common man.
The government seems to have no solution to the rapidly growing protests and public uproar because it is tied to the IMF program, which has virtually barred the government from taking any economic decisions without seeking approval from the IMF.
The government has decided to approach the IMF and give information about the growing anger and protests across the country due to the imposed taxes and price rise, with a view to formulating a strategy to provide relief to the public without deviating from the IMF programme. Solution and approval has been sought.
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Web Title-The common man in Pakistan is upset due to the latest increase in the price of petrol.