Pakistan Economic Crisis: Another inflation bomb hits Pakistanis as fuel prices touch new high

Islamabad: Suffering under acute economic crisis, people of Pakistan have now been further burdened with increased cost of petrol and diesel. Burning a hole into almost emptied pockets of Pakistanis, the Shehbaz Sharif-led government has increased the price of all petroleum products by up to Rs 13 per litre for the next fortnight.

Diesel prices in Pakistan have soared to record high of Rs 293 per litre after the revision.

The hike in fuel prices in Pakistan will directly impact the common people because of an increase in transport costs.

People have been upset with the increase in price of fuel as it comes only a few days ahead of Ramzan.

New diesel, petrol price in Pakistan

The new prices of petrol and diesel were announced by Pakistan Finance Minister Ishaq Dar in a televised address to the nation.

High-speed diesel (HSD) price has been increased by Rs 13 per litre to Rs 293, while a litre of petrol now gets dearer by Rs 5 and will be retailed at Rs 272.

Kerosene oil price has been risen by Rs 2.56 and will now be costing Rs 190.29 a litre.

The price of light diesel, however, has remained unchanged at Rs 184.84 per litre.

Dar noted that the price of high-speed diesel would remain unchanged at Rs 280 per litre.

Why increase in price?

The government in its defence said the surge in fuel prices was due to increase in Platts Singapore prices and depreciation in the Pakistani rupee over the last fortnight.

As per reports there has been about Rs 16 per dollar average depreciation over the last fortnight starting 1 March.

For the unversed, petrol and high-speed diesel are the major revenue drivers in Pakistan, with their monthly sales of about 700,000 to 800,000 tonnes compared.

Kerosene and light diesel oil demand per month vary to just 10,000 and 2,000 tonnes, respectively.

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.