Islamabad, September 15, 2023 – Pakistan has once again sent shockwaves through its economy as it announced a massive increase in petroleum prices, pushing them to historic highs.
The move, which comes in the midst of rising global oil prices, has left citizens grappling with the economic fallout.
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In an official statement released by the Ministry of Finance on Friday, it was revealed that the price of petrol would surge by a staggering Rs 26.02, skyrocketing to Rs 331.38 per liter from its previous rate of Rs 305.36. Diesel, too, witnessed a significant increase, with its price being raised by Rs 17.34 to reach Rs 329.18 per liter from Rs 311.84.
The Finance Ministry cited the relentless surge in international petroleum prices as the primary reason for the government’s decision to revise consumer prices for petroleum products. These new prices are set to take effect from September 16, 2023.
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However, this decision has been met with widespread criticism, as it is expected to exacerbate the already high inflation rate in Pakistan. Citizens are struggling with the soaring costs of essential goods and services, and the new petroleum prices are likely to further burden their wallets.
Many had hoped that the government would refrain from increasing petroleum prices, especially in light of the recent sharp appreciation of the Pakistani rupee over the past fifteen days. Nevertheless, the caretaker government chose to go ahead with the price hike, marking the third consecutive increase under its administration.
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The move has sparked protests and public outrage, with citizens expressing their frustration over the relentless rise in the cost of living. The decision to increase petroleum prices is seen as a significant blow to the average Pakistani’s financial well-being, as they grapple with the challenges of an already strained economy.
As Pakistan navigates these turbulent economic waters, citizens and businesses alike are left to deal with the implications of these new record-high petroleum prices. The government’s decision will undoubtedly have a far-reaching impact on the country’s economic landscape, and its effects will be closely monitored in the coming months.
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