The petrol and diesel prices in Pakistan have surpassed the Rs 300 mark for the first time in the country’s history.
As Pakistan lurches from crisis to crisis, the finance ministry stated last evening that the price of petrol has been increased by Rs 14.91, and the price of high-speed diesel (HSD) by Rs 18.44.
While the price of petrol is currently Rs 305.36, the price of diesel has risen to Rs 311.84.
Pakistan is in the grip of its greatest economic crisis in decades. Recent economic reforms have resulted in historically high inflation and interest rates, putting a strain on regular people and enterprises.
The Pakistani rupee’s persistent depreciation has pushed the central bank to hike interest rates. The country’s currency is trading at a record low of 305.6 per US dollar, down from Tuesday’s close of 304.4.
Last month, the government swore in a caretaker cabinet led by interim Prime Minister Anwaar-ul-Haq Kakar, tasked with governing the country until new elections, which could be held after November.
The first priority for the caretaker cabinet will be to guide Pakistan towards economic stability, with the $350 billion economy on a tight recovery path following a last-minute $3 billion bailout deal from the International Monetary Fund.
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