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

Three Shot Dead In Morni Hills: Police Suspect Rivalry Behind Panchkula Triple Murder

A chilling triple murder unfolded in Morni Hills of Panchkula, three Delhi residents, including a…

6 mins ago

ED Registers Money Laundering Case In 52 kg Gold Seizure Incident

ED officially entered the investigation into the high-profile case involving the seizure of 52 kilograms…

37 mins ago

PM Modi Emphasizes Youth Empowerment & Education Reforms During Appointment Letter Distribution

Prime Minister Narendra Modi on Monday reiterated the importance of nurturing the potential of India's…

49 mins ago

Rouse Avenue Court To Hear Land-For-Jobs Scam Cases On January 16-17

The hearing was postponed as a key officer withheld permission to prosecute an alleged accused.…

1 hour ago

PM Modi Distributes Over 71,000 Appointment Letters; Highlights Youth-Centric Initiatives

On Monday, PM Modi distributed more than 71,000 appointment letters to newly recruited government employees…

2 hours ago

Man Sets Women Ablaze In NewYork Subway, Arrested

Describing the attack, New York Police Department Commissioner Jessica Tisch said, "As the train pulled…

2 hours ago