Cash-strapped Pakistan adds pressure on citizens, increases petrol, diesel prices to record high

Burning further hole into the pockets of its citizens, cash-strapped Pakistan has once again increased petrol and diesel prices.

From Saturday (16 September, 2023), consumers will have to pay PKR 331.38 for a litre of petrol, PKR 26.02 more.

A litre of diesel will cost PKR 329.18 after a surge of PKR 17.34.

“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,” the Finance division of government of Pakistan said in a notification.

The Pakistan government has, however, not specified the reason for revision in the rates of kerosene or light diesel oil.

Notably, it is the second time within a month that prices of petroleum products have been increased, taking them to a historic high.

On 1 September, Pakistan’s caretaker government escalated the petrol and diesel prices by up to PKR 18 per litre.

Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct impact on the budget of the middle and lower-middle class.

The majority of the transport sector operates on high-speed diesel. Its price is considered highly inflationary as it is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers, Dawn reported.

With inputs from agencies