Pakistan Economic Crisis: For many years, Pakistan’s economy has been in free slide, putting enormous pressure on the country’s destitute masses in the form of unbridled inflation. As a part of a USD 3 billion bailout programme for nine months to help the government’s efforts to stabilise the faltering economy of the nation, the IMF delivered USD 1.2 billion to cash-strapped Pakistan in July.
Protests Erupt as Pakistan Faces Soaring Fuel Prices Amid Double-Digit Inflation
In the midst of double-digit inflation, Pakistan‘s caretaker government has increased the cost of petrol and diesel by additional Rs. 30 per litre, setting up instant demonstrations as well as a legal challenge.1 US dollar was worth 296.41 Pakistani rupees as of Saturday. On Friday evening, the Ministry of Finance announced an increase in petrol and diesel prices of Rs. 26.02 and Rs. 17.34, respectively, per litre. The cost of petrol and diesel was raised earlier in August. In August, the cost of petrol and diesel really climbed twice in the space of a fortnight. Last month, the nation’s rates for gasoline and diesel per litre climbed by PKR 32.41 and PKR 38.49, respectively. The current monthly rise in the price of fuel and diesel is PKR 58.43 and PKR 55.83 per litre, respectively. According to the research, the increase in fuel costs is a result of August’s inflation rate, which rose by 27.4 percent.
Pakistan’s Opposition Slams 20% Price Hike
Since the caretaker government assumed office in August, the price of petrol and diesel has increased by 20%. Even as a judicial activist contested the price increase in the Lahore High Court, it has spurred Pakistan’s opposition parties to vehemently criticise it. The price increase for fuel and diesel has occurred at a time when the nation’s economy is struggling. According to the report, Pakistan’s Finance Ministry stated that the decision to raise the price of petrol and diesel was made as a result of the rise in crude oil prices on the world market. The price increase for fuel and diesel has occurred at a time when the nation’s economy is struggling. According to the article, Pakistan’s Finance Ministry stated that the decision to raise the price of petrol and diesel was made as a result of the rise in crude oil prices on the world market. In accordance with its commitment to the International Monetary Fund (IMF), the government levies a petroleum development levy (PDL) of Rs 60 per litre on petrol and Rs 50 on each of HSD.
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