ISLAMABAD – Pakistan is bracing for a significant hike in the prices of petroleum products, with an expected increase of Rs 24 per litre for both petrol and diesel from August 16, 2023. This anticipated price surge is set to further strain the already crisis-ridden economy, grappling with record inflation rates.
Local media reports suggest that this imminent rise in fuel prices is part of the stringent conditions imposed by the International Monetary Fund (IMF). The IMF has been exerting pressure on the Pakistani government to adjust petroleum prices in line with soaring global costs.
The price of high-speed diesel is projected to rise by Rs 24 per litre, while petrol prices are expected to see an increase of around Rs 12 per litre. This comes on the heels of a previous revision where petrol and diesel prices were raised by approximately Rs 20 per litre.
This continual escalation in fuel prices is likely to exacerbate the economic challenges faced by the country. The cost of refined petroleum products has recently surged from $13 to $111 per barrel, reflecting the global trend.
As the government continues to adhere to the IMF’s demands, the citizens of Pakistan are set to bear the brunt of these rising costs. The upcoming fortnight will reveal the true impact of these price hikes on the nation’s economy and the living standards of its people.
