Petrol and Diesel Prices in Pakistan Soar with Rs 19 Hike
Pakistan
Pakistan: Pakistan Government announces significant increase in petrol and diesel prices, causing uproar. On Tuesday, the Pakistan Finance Minister, Ishaq Dar, disclosed the hike of Rs 19 per litre for petrol and diesel, bringing their prices to Rs 272.95 and Rs 273.40 per litre, respectively, as per Dawn.
The decision has stirred controversy, and the government cited international commitments with the International Monetary Fund (IMF) and a standby agreement as reasons for the increase.
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The delay in announcing the price hike was due to the government's efforts to explore any potential ways to reduce the increase, considering its impact on the public.
The matter was discussed with Prime Minister Shehbaz Sharif earlier on Tuesday. However, despite attempts to provide relief to the people, international prices beyond the government's control necessitated the increase, as per the Finance Minister.
Additionally, an increase of 17.5% in the producer price of liquefied petroleum gas (LPG) and 13.5% in the consumer sale price for August was also announced.
The new producer price for LPG stands at Rs 1,886.30 per 11.8 kg cylinder, with the consumer price set at Rs 2,373.64 per cylinder, resulting in a raise of Rs 281.5 per domestic cylinder.
The government faced difficulties in making such a significant price increase, especially as it nears the end of its term.
The Finance Minister engaged in prolonged discussions with the Oil and Gas Regulatory Authority (Ogra) and petroleum division officials to explore ways to minimize the impact on the public.
Despite these efforts, the price hike was eventually implemented based on Ogra's final recommendation and with the Prime Minister's approval. The new prices came into effect immediately.
The hike in fuel prices has sparked public outcry, as citizens express concerns about its impact on their daily lives and livelihoods.
With the increase being enforced amid the government's impending departure from office, the decision has attracted heightened scrutiny and debate.
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