Public on edge as fresh hike take petrol, diesel prices beyond 300 mark per litre
Under the revised pricing structure, the cost of petrol has surged by Rs14.91 per litre, reaching a new rate of Rs305.36 per litre. Simultaneously, the price of diesel has been increased by a substantial Rs18.44 per litre, now standing at Rs311.84 per litre.
ISLAMABAD: (UrduPoint/Pakistan Point News-Sept 1st, 2023) In a recent development, the caretaker government on Thursday night announced a substantial increase in fuel prices, impacting the already financially burdened populace.
This move comes as a significant economic policy shift, with repercussions for households across the nation.
Under the revised pricing structure, the cost of petrol has surged by Rs14.91 per litre, reaching a new rate of Rs305.36 per litre. Simultaneously, the price of diesel has been increased by a substantial Rs18.44 per litre, now standing at Rs311.84 per litre.
This abrupt escalation in fuel costs has left the public concerned, as they grapple with the broader challenges of inflation and economic instability. It's worth noting that this price hike follows a previous increase in petrol prices by Rs17.50 per litre. This cumulative rise now marks an unprecedented high in the history of the country's petrol rates.
The sources with knowledge of the matter have indicated that this increase in fuel prices is a part of the caretaker government's efforts to meet the conditions set by the International Monetary Fund (IMF).
To adhere to these requirements, the government has significantly augmented the development levy on petrol to Rs60 per liter and Rs50 per liter on diesel.
As a result of these price hikes, the government is expected to generate a substantial revenue of Rs869 billion from the public this year. This move has stirred debates about the impact on household budgets and the broader economic outlook.
The new price structure unveiled by the government is set to remain in effect for the next 15 days, further intensifying concerns about the cost of living and the economic pressures faced by citizens during this period. This development underscores the challenges faced by the caretaker government in balancing fiscal responsibilities and meeting international financial commitments.