Islamabad, August 18, 2023 – Pakistan has announced revised petroleum prices effective August 18, 2023, which are set to hold until the end of the month, unless altered before then.
In the latest adjustment, the cost of petrol has witnessed a substantial increase of Rs17.50 per liter, soaring to Rs290.45 per liter from the previous rate of Rs272.95 per liter. Simultaneously, the price of high-speed diesel (HSD) has surged by Rs20 per liter, reaching Rs293.40 from its previous price of Rs273.40 per liter.
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The finance ministry, in a statement released recently, explained that this move was prompted by the escalating prices of petroleum products in the global market over the last fortnight. Consequently, the domestic prices have been aligned to reflect the international trend.
This development follows in close succession to a significant price hike in petroleum products that was executed by the previous government, led by Prime Minister Shehbaz Sharif, shortly before the conclusion of its term on July 31, 2023.
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With the national assembly approaching dissolution, the responsibility of navigating the nation through these challenging economic times has now fallen on the shoulders of Anwaar-ul-Haq Kakar, the current caretaker prime minister.
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The recent surge in petroleum prices has sparked widespread concern, particularly among those who are already grappling with the consequences of an escalating inflation rate. This price adjustment is anticipated to exert additional pressure on the cost of transportation, essential commodities, and services, thereby impacting the day-to-day lives of citizens across various socio-economic strata.
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As the country confronts these testing circumstances, the role of the caretaker government becomes increasingly pivotal in steering Pakistan through these economic challenges. The public is closely monitoring the measures that will be implemented to alleviate the impact of these price hikes and provide relief to the masses.
