EconomyPakistan

Caretaker Government Announces Fourth Consecutive Petrol Price Hike

In a move set to increase the already soaring inflation, the caretaker government, on Friday, announced a significant increase in petrol prices, marking the fourth such hike since it assumed office.

With an increase of Rs 26.02, petrol will now be retailed at Rs 331.38 per litre. Additionally, the cost of High-Speed Diesel (HSD) has been revised upward by Rs 17.34, bringing its price to Rs 329.18 per litre.

The finance division stated that the adjustment in domestic petroleum product prices directly responds to the escalating global oil prices. They aim to realign the local fuel rates with the prevailing international trends.

Notably, this isn't the first time the caretaker regime has made such an announcement. On August 31, they declared an increase of Rs 17.50 for petrol and Rs 20 for HSD, effective September 1, 2023. Moreover, in a swift move shortly after taking office, Caretaker Prime Minister Anwaar-ul-Haq Kakar had green-lighted a hike of Rs 17.50 for petrol and Rs 20 for HSD.

The recurrent hikes in a short span have raised eyebrows and concerns among the citizens, who are already grappling with the effects of inflation. While the government justifies the hikes by pointing to the global trends, many are left wondering about the potential long-term economic repercussions for the common man.

 

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