- The nation is poised for a potential increase of Rs 24 per litre in petroleum product prices by IMF
- The anticipated hike in oil prices is expected to exacerbate the current inflation crisis,
- Pakistan’s government is responding to the mounting pressure from the IMF to adjust petroleum prices.
Islamabad, August 13, 2023 – Pakistan is bracing itself for a potential surge in petroleum product prices by approximately Rs 24 per litre over the next fortnight. The nation, grappling with a pressing economic crisis, finds itself compelled to adhere to stringent conditions laid out by the International Monetary Fund (IMF). Local media sources have indicated that this anticipated escalation in oil prices could further exacerbate the existing predicament, marked by soaring inflation rates.
According to reports, the price of high-speed diesel is projected to undergo an upward adjustment of Rs 24 per litre, slated to take effect from August 16, 2023. This development is poised to compound the challenges already posed by record-breaking inflation levels. The impending diesel price hike is also anticipated to precipitate an increase of approximately Rs 12 per litre in petrol prices by the government.
This projected price increment would compound the existing hardships for citizens, given that petrol and diesel prices have already surged by approximately Rs 20 per litre during the previous revision cycle. The government’s persistent adjustment of petroleum prices is attributed to the mounting pressure exerted by the IMF in light of escalating costs.
The recent trend has seen the cost of refined petroleum products escalate by $13, reaching a staggering $111 per barrel. As Pakistan navigates this intricate economic landscape, the nation’s financial decisions continue to be shaped by the dual factors of global oil price fluctuations and the conditions outlined by the IMF.
While grappling with these challenges, Pakistan finds itself at a crucial juncture where balancing the interests of its citizens’ economic well-being and fulfilling international obligations remain pivotal. The impending fortnightly petroleum price adjustment serves as a stark reminder of the intricate balancing act that the country must undertake to steer its economy toward stability and progress.