The federal government of Pakistan surprised the nation on Tuesday morning by announcing a significant increase in the price of petroleum products, effective immediately. This move comes as part of the government’s commitment to the International Monetary Fund (IMF). Finance Minister Ishaq Dar revealed the decision, stating that petrol prices would be raised by Rs. 19.95 per liter and high-speed diesel (HSD) prices by Rs. 19.90 per liter.
The new prices will stand at Rs. 272.95 per liter for petrol and Rs. 273.40 per liter for HSD. Initially scheduled to announce the new rates on July 31, the government faced the challenge of mitigating the impact of this hike on citizens already struggling with inflation.
Minister Dar explained that the increase was necessitated by the recent surge in HSD and MS prices on the international market. The government explored various options to lessen the burden on the public but had to implement the calculated minimum increase to fulfill its obligations, particularly the petroleum levy agreement with the IMF.
This sharp increase in petrol prices has sparked discussions across the country, with citizens and businesses concerned about its implications for the economy and daily life. While the government justifies the hike as a necessary step, its potential effects on various sectors of society remain a topic of debate.
