ISLAMABAD: The people already grappling with price hike, were dealt another shock Thursday night as the caretaker government announced a considerable increase in petrol prices, pushing it to an all-time high of Rs305 per litre. The caretaker government of Pakistan has increased the price of petrol by Rs14.91 per litre, marking it as the highest one ever achieved in the South Asian country’s history.
As per the press statement, the new price of petrol will be Rs305.36 after Rs 14.91 Hike. It added that the price of high-speed diesel has been increased by Rs18.44 following which its new price will be Rs311.84. The price surge comes on the heels of an already massive hike on August 15 when the caretaker government increased fuel prices by up to Rs20 per litre. That hike in petroleum prices had come following similar hikes by the former government on August 1. The skyrocketing price is based on current tax rates and import parity prices, mostly due to currency depreciation and a slight increase in global oil prices.
The new development comes as citizens of Pakistan are already holding protests against the skyrocketing electricity bills in the country. The interim government has not yet taken any decision to overcome the matter of electricity bills. Interim Prime Minister Anwaarul Haq Kakar, earlier on Thursday while talking to the media, had said that the issue of skyrocketing electricity bills is being discussed to resolve it. However, he said that they would not make false promises nor would deviate from their responsibilities.
It comes as another surprise for inflation-weary citizens who are facing the burden of higher food prices as petroleum prices directly impact the agriculture and transport sectors. Now, as of Sep 1st, the existing rate of petrol stands at Rs305.36 and the high-speed diesel price at Rs311.84 per litre. Earlier, Interim Finance Minister Dr Shamshad Akhtar had ruled out room for additional subsidies within the International Monetary Fund agreements. She said that the interim government had “inherited” the International Monetary Fund programme, hence, it was “non-negotiable”. The Minister said that the current deals do not allow the inclusion of additional subsidies.
