World

Pakistan Economic Crisis: Petrol & Diesel Price Hits Record High

Pakistan Economic Crisis: Pakistan on Wednesday night hiked up the prices of petrol, diesel and gas to a historic high in a bid to appease the International Monetary Fund (IMF) for unlocking the critical loan tranche. The hike in petrol and gas prices came into effect on February 16, 2023.

According to a recent Pakistan Oil and Gas Regulatory Authority (OGRA) notification, gas prices have been hiked from 16 percent to 113 percent for different sectors including domestic consumers. Petrol cost PKR 272 per litre whereas high-speed diesel (HSD) will sell for PKR 280 per litre after a hike of 17.20 rupees in the cash-strapped nation. On the other hand, Kerosene will sell for PKR 202.73 per litre. Meanwhile, light diesel oil will be available at 196.68 rupees per litre after an increase of 9.68 rupees.

Also read: RBI Granted In-Principle Approval To 32 Existing Payment Aggregators, Allowing Them To Continue Their Operations

The increase in the price of petroleum products was one of the preconditions of the Washington-based lender, which will lead to a hike in the already record-high inflation, coupled with the new fiscal measures undertaken through the ‘mini-budget’. Through the ‘mini-budget’, the Pakistan Democratic Movement (PDM)-led federal government aims to reduce the budget deficit and broaden its tax collection net.

Inflation is expected to go up in Pakistan after the petrol hike, the ‘mini-budget’.

Also read: Delhi: Web Designer Arrested For Committing Theft While Deboarding Flight

Spriha Rai

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

5 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

5 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

5 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

5 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

8 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

9 hours ago