In Pakistan’s history, petrol and diesel prices have surged beyond Rs 300 for the first time, following a government hike of Rs 14.91 and Rs 18.44 per litre.
Fuel Prices Skyrocket at Pakistan State Oil Station in Rawalpindi. (Photo: Reuters)
Amid widespread protests over escalating electricity costs in Pakistan, the nation has now witnessed petrol and diesel prices surpassing the historic Rs 300 mark, compounding the economic distress faced by its citizens.
The interim government, led by Prime Minister Anwaarul Haq Kakar, recently approved significant price hikes, raising petrol and high-speed diesel (HSD) rates by Rs 14.91 and Rs 18.44 per liter, respectively. Consequently, petrol now stands at Rs 305.36 per liter, while diesel is priced at Rs 311.84.
The government cited international petroleum price trends and exchange rate fluctuations as reasons for these revisions. These price hikes come in the wake of extensive protests against soaring electricity bills in cities like Multan, Lahore, and Karachi, where residents burned their bills and confronted power distribution officials.
Despite government promises to address the issue and an emergency meeting chaired by PM Kakar, concrete solutions for reducing electricity bills remain elusive. These fuel price increases exacerbate Pakistan’s severe economic crisis, marked by record-high inflation at 21.3%, a weakened Pakistani rupee, and critically low foreign exchange reserves of approximately $10 billion. Experts fear devastating consequences for the Pakistani populace due to these rising fuel costs.