- Government raises petrol price to Rs305 per litre, a Rs14.91 surge, impacting citizens.
- High-speed diesel (HSD) cost escalates by Rs18.44.
- Amid protests over rising electricity bills and inflation, caretaker government navigates IMF obligations.
Amidst the ongoing challenges of inflation, the people of Pakistan faced another setback on late Thursday night. The government’s announcement of a significant increase in petrol prices immediately elevated it to a historic high of Rs305 per litre.
This abrupt surge amounted to a remarkable Rs14.91 per litre, causing citizens to grapple with the resulting economic repercussions.
Running parallel to the petrol price surge, the cost of high-speed diesel (HSD) experienced an even steeper ascent, rising by Rs18.44, as confirmed in an official statement from the finance ministry. The government attributed these adjustments to the escalating trajectory of global petroleum prices and the consequential fluctuations in exchange rates.
The finance ministry highlighted in a released statement, “Owing to the increasing trend of petroleum prices in the international market and exchange rate variations, the Government has decided to revise the existing consumer prices of petroleum products.”
Following this substantial increase, the price of petrol has now surged to an unprecedented Rs305.69, while HSD rates have escalated to 311.84 per litre.
This development unfolded while citizens across the nation were already expressing discontent over soaring electricity bills amidst the backdrop of escalating inflation.
The caretaker government has thus far been unable to propose a viable solution. It strives to navigate without breaching the conditions of the IMF programme, which mandates the containment of the overall circular debt at Rs2.310 trillion, along with timely passing on the increments in electricity prices as per annual, quarterly, and monthly adjustments.
Caretaker Prime Minister Anwaarul Haq Kakar, in an earlier interaction with journalists, communicated that discussions with the International Monetary Fund (IMF) regarding the soaring electricity bills were ongoing. He emphasized the government’s commitment to fulfilling its obligations to the global lender “at all costs.”
He further stated that the government had presented proposals to the IMF and underscored that while inflation was a concern, it wasn’t substantial enough to warrant a strike.
He assured, “We will not make false promises nor would we deviate from our responsibilities. We will let everyone know the measures we cannot take and why,”