The latest petrol price hike in Pakistan has reached nearly Rs399.86 per litre, exacerbating an already critical economic situation. This increase follows a previous rise just days earlier, and it significantly impacts the cost of living.
As of early Tuesday, the price of high-speed diesel also rose by Rs19.39 to Rs399.58 per litre. The government previously raised fuel prices by Rs26.77 on April 25, further straining household budgets.
Pakistan’s fuel import bill has soared from $300 million to $800 million due to ongoing conflicts affecting global oil supplies. This surge in fuel costs directly contributes to rising inflation and transport costs across the nation.
The State Bank of Pakistan responded by raising its key policy rate to 11.5 percent in an effort to stabilize the economy. Experts warn that these measures may not be enough to alleviate the growing cost of living crisis.
Kaiser Bengali, an economist, stated, “We are in a state of absolute dependency, where even a $1bn tranche can make the difference between survival and collapse.” His comments reflect the dire circumstances facing Pakistan as it navigates negotiations with the International Monetary Fund (IMF).
Aslam Ghauri criticized government policies, saying, “The government’s flawed policies have imposed an economic war on the people.” This sentiment resonates with many citizens struggling with rising prices.
The situation remains fluid as officials continue to assess the impact of these price increases. No timeline has been provided for when or if relief measures will be implemented.
