Karachi: Pakistan raised petrol and diesel prices to a record high, the finance ministry said. This is the first time in Pakistan’s history that prices of fuel have crossed the Rs 300 barrier. The decision being received as another blow for the masses, who are already grappling with inflation. The per litre of High Speed Diesel (HSD) has also increased by Rs 18.4, rising it up to an all-time high of Rs 311.8.
The caretaker government attributed these adjustments to the escalating trajectory of global petroleum prices and its corresponding fluctuations in exchange rates. Parallel to the towering and consistently increasing inflation and price hikes, the rupee has also been on a free fall against the US dollar with per dollar value crossing Rs 305 in the interbank and over Rs 350 in the open market.
Meanwhile, Dawn recently reported that Pakistan’s short-term inflation has risen 27.5% on a year-on-year basis for the week ending on August 17 largely due to a surge in petroleum prices, showed the official data. The inflation, however, decelerated from the preceding week’s 30.8%. On a week-on-week basis, the weekly inflation, measured by the Sensitive Price Index, rose 0.7%, showing a rising trend for the past four consecutive weeks.
The interim finance ministry of Pakistan maintains that the global trends of petroleum prices in the international market and exchange rate variations, which have prompted the latest increase in fuel prices.