With only a few days left for Ramadan, the government has raised the price of petrol to Rs272 per litre, adding pressure on the inflation-weary people.
The Finance Division, in its fortnight bulletin, has attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore.
The notification reads, “We have increased the price of MS (Petrol) by Rs5 per litre and the price of hi-speed diesel by Rs13 per litre.”
To reduce the government’s dues on Kerosene oil, the increase in its price has been kept at Rs2.56. Similarly, the government has adjusted its dues to keep the price of light diesel oil constant.
These new prices will come into effect from 12am (tonight, March 16) and will remain in place till March 31.
On February 28, the federal government reduced the price of petrol by Rs5 per litre to Rs267 per litre for the next fortnight, which went against the market prediction that the government would increase the rate to appease the International Monetary Fund (IMF), whose loan is critical for the cash-strapped nation.
However, as people struggle to make ends meet, the expected increase in petrol prices is likely to further exacerbate inflation, which is already near a 50-year high, during the upcoming month of Ramadan.
PM Warns Of More Burden On People After IMF Deal
Prime Minister Shehbaz Sharif stated on Tuesday that the International Monetary Fund’s (IMF) conditions will impose a ‘greater burden’ on the people.
The premier held the previous government accountable for the strict IMF conditions.
The prime minister stated that the previous government had breached the commitments made to the IMF, resulting in the global lender’s insistence that Pakistan must meet all conditions at any cost.
Furthermore, He acknowledged that many Pakistanis are struggling to provide food, medication, and education for their children.
He alleged that former Prime Minister Imran Khan had nearly defaulted on Pakistan and strained the country’s relationships with numerous friendly nations.
Moreover, The PM also mentioned that inflation is due to the high cost of imported items, as commodity prices have increased since the Russia-Ukraine conflict.