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

Parliament Passes Immigration And Foreigners Bill For Enhanced Security

Parliament approved the Immigration and Foreigners Bill, 2025, on Wednesday, which aims to regulate the…

6 seconds ago

PM Modi Heads To Thailand For 6th BIMSTEC Summit; Strengthen Regional Relations

Prime Minister Narendra Modi headed for Bangkok on Thursday to attend the 6th BIMSTEC Summit…

43 mins ago

Delhi High Court Stays Appointment Of Anilkumar Prabhakaran As AIFF General Secretary

The Delhi High Court has stayed the appointment of Anilkumar Prabhakaran as the General Secretary…

2 hours ago

MCOCA Case: Delhi High Court To Hear Naresh Baliyan’s Bail Plea On April 9

The Delhi High Court will hear the bail plea of former AAP MLA Naresh Baliyan…

2 hours ago

SC Upholds Rajasthan’s Electricity Regulations; Dismissing Power Companies Plea

The Supreme Court has granted a major relief to the Rajasthan government by upholding the…

15 hours ago

SC Expresses Concern Over Rising Trend Of False Rape Cases On Marriage Promises

The Supreme Court has expressed concern over the rising tendency to register rape cases based…

15 hours ago