Fuel prices in Pakistan have increased to an all-time high. Petrol price has gone up by PKR 272 and diesel by PKR 280. This price hike has caused a shock among the people of the country.
In a bid to secure a crucial International Monetary Fund (IMF) loan, the government of Pakistan has hiked the price of petrol and gas by 113 percent.
Petrol prices have been hiked by Rs 22.20 per liter in an attempt to satisfy the IMF for renewing the $7 billion Extended Fund Facility (EFF).
According to the recent announcement by the Pakistan Oil and Gas Regulatory Authority (OGRA), gas prices have been hiked from 16 percent to 113 percent for various sectors, including domestic consumers.
After this hike, petrol price is PKR 272 per liter and high speed diesel (HSD) is selling at PKR 280 per liter (in local value).
On the other hand, kerosene and light diesel oil are selling at PKR 202.73 and PKR 196.68 per litre, respectively.
This hike in petrol and gas prices came into effect yesterday, February 16.
Apart from petrol and diesel, the price of kerosene has also increased by Rs 2.56 per liter and the price of one liter of kerosene is selling at PKR 190.29.
Pakistan’s foreign exchange reserves have dwindled to a record low against the US dollar.
While the prices of essential items and food items are already increasing in Pakistan, the prices of food items such as milk and meat have increased further due to the increase in the price of petrol and diesel.
This price hike during the Ramzan festival has put a heavy burden on the people of Pakistan.