Islamabad, August 16, 2023 – The interim government of Pakistan sent shockwaves through the nation on Tuesday night as it unveiled a significant surge in petroleum prices, exacerbating the plight of the already struggling lower-income segments grappling with soaring inflation.
In an unforeseen announcement, the interim government declared a substantial increase in petroleum rates effective from August 16, 2023. The price of petrol soared by Rs17.50 per liter, reaching Rs290.45 per liter from the previous Rs272.95 per liter. Similarly, the cost of high-speed diesel (HSD) surged by Rs20 per liter, propelling it to Rs293.40 from Rs273.40 per liter.
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The finance ministry’s issued statement indicated that this move was a direct response to the mounting prices of petroleum products in the global market over the last two weeks. Consequently, the consumer prices within Pakistan were adjusted to align with the international trend.
This development follows closely on the heels of a significant hike in petroleum prices by the preceding government, led by Prime Minister Shehbaz Sharif, in its final decision on July 31, 2023, just days before the end of its term.
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As the national assembly approaches dissolution, the responsibility of navigating the nation through these challenging times falls upon Anwaar-ul-Haq Kakar, the caretaker prime minister.
The surge in petroleum prices has incited public concern, particularly among those who are grappling with the repercussions of an escalating inflation rate. The move is poised to exert additional pressure on the cost of transportation, goods, and services, impacting the day-to-day lives of citizens across the socio-economic spectrum.
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As the nation contends with these tumultuous circumstances, the role of the caretaker government becomes pivotal in steering Pakistan through these economic challenges. The populace remains watchful of the steps that will be taken to mitigate the impact of these price hikes and provide relief to the masses.
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