The interim government of Pakistan has once again increased the prices of petroleum products, including petrol and diesel. The petrol price has been hiked by 14.91 rupees per litre, while the diesel price has been hiked by 18.44 rupees per litre. This is the third increase in petrol prices in the past two months. This is for the first time in the history of Pakistan that petrol and diesel prices are crossing 300 barrier.
The increase in petrol prices is a direct result of the rising global oil prices. The Brent crude oil price is currently trading at around $100 per barrel, up from $80 per barrel in June 2022. The government has said that it is trying to keep the impact of the rising oil prices on the people to a minimum. However, the latest increase in petrol prices is likely to put further pressure on the already high inflation in Pakistan.
The inflation rate in Pakistan rose to 28.3% in July 2023, the highest in 13 years. The government has been trying to control inflation by raising interest rates and taking other measures, but the rising oil prices are making it difficult to achieve this goal.
The increase in petrol prices is likely to have a cascading effect on the prices of other commodities, including food and transportation. This is likely to further squeeze the disposable income of the people and worsen the economic hardship they are already facing.
The government has been urged to take measures to provide relief to the people from the rising inflation. These measures could include providing subsidies on essential commodities, increasing the minimum wage, and providing employment opportunities.
The latest increase in petrol prices is a reminder of the challenges that Pakistan faces in terms of its economy and energy security. The government needs to take urgent steps to address these challenges in order to improve the lives of the people.
The increase in petrol prices has also been met with anger and frustration from the public. Many people have taken to social media to express their anger, with some calling for the resignation of the government.
The government has defended the increase in petrol prices, saying that it is necessary to meet the financial obligations of the country. However, the people are not convinced and are demanding that the government take steps to reduce the impact of the price hike.
The increase in petrol prices is a major blow to the people of Pakistan. It is a reminder of the difficult economic situation that the country is facing and the challenges that the government needs to address.
