The Pakistani government has increased the price of petrol and diesel by Rs 35 per litre in response to a historic economic crisis and the severe fallout from catastrophic floods in 2022. The action was taken a few days after the Pakistani rupee crashed this week after the government abolished the price controls, causing the currency to lose roughly 12% of its value.
Pakistan Govt lifts prices of petrol and diesel by Rs 35 per litre
Ishaq Dar, Pakistan’s finance minister, stated that the oil and gas authorities’ suggestions were followed in implementing the rate rise. This may have been done as a result of the higher cost of buying electricity on the international market.
Agencies quoted Dar as saying
“This rise is being done immediately on the recommendation of the oil and gas regulatory authority who said there were reports of artificial shortages and hoarding of fuel in anticipation of price rises – hence this price rise is being done immediately to combat this,”
A few days prior, Dar had said that “Allah was accountable for Pakistan’s economy and prosperity.”
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In the past Pakistan has pleaded for assistance from external financing
Pakistan has pleaded for financial support from outside sources. The United States has promised to assist Pakistan through its exceptional economic crisis and the fallout from last year’s floods, according to local media in Pakistan. A Washington-based international lender revealed on Thursday that a staff delegation would discuss Pakistan’s bail-out plan.
In 2019, Pakistan received a USD 6 billion bailout from the IMF. In 2022, it was increased by additional USD 1.1 billion to aid the nation in the wake of devastating floods. However, the IMF halted payments in November as a result of Pakistan’s failure to advance fiscal consolidation efforts despite the nation’s political unrest.
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