Oct 1, 2023 12:59 PM
| By Athira V
( truevisionnews.in ) Little relief for the people of Pakistan amid soaring fuel prices. Fuel prices are reported to be slightly lower. The caretaker government has reduced the price of petrol by Rs 8 per liter and high speed diesel by Rs 11 per litre. The revised price of petrol is 323.38 Pakistani rupees and 318.18 Pakistani rupees for diesel as per the notification of the Ministry of Finance.
Dawn newspaper reports that the price revision is due to fluctuation in international prices of petroleum products and improvement in exchange rate. Pakistan is facing an unprecedented economic crisis with soaring inflation amid rising prices in the fuel and food sectors.
Last month, the government had announced a record hike in the price of petroleum products by up to Rs 26. For the first time in the history of the country, it had to face unprecedented inflation, crossing Rs 330. The country was finally able to consolidate its foreign exchange reserves by agreeing in mid-July to a three billion dollar loan from the International Monetary Fund (IMF) and additional aid from China, Saudi Arabia and the United Arab Emirates.
However, one of the conditions of the IMF bailout was the end of energy subsidies, which led to a sharp increase in the price of electricity, affecting the competitiveness of textile companies. A week ago, Pakistan’s Interim Information Minister Murtaza Solangi had said that the appreciation of the Pakistani rupee against the US dollar due to the caretaker government’s administrative measures could lead to a fall in petroleum prices.
Meanwhile, the continued hike in petrol and diesel prices comes at a time when Pakistan is facing the worst economic crisis in its history along with political instability. Inflation in Pakistan is currently at a record high of 21.3 percent. The Pakistani rupee has lost nearly half of its value against the US dollar in the past year.
The country’s foreign exchange reserves are at a critical low of $10 billion. Experts fear that the hike in fuel prices will have a devastating impact on the people of Pakistan. Meanwhile, the car market in Pakistan is going through its biggest crisis ever. Sales remain very low compared to past times. Pakistan’s economy continues to navigate through turmoil. And the automotive industry as a whole is under severe pressure.
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2023-10-01 07:31:44
