Pakistan Economic Crisis: The prices of petrol and diesel in Pakistan have surged past the Rs 300 mark, a historic high, causing further distress among the population already grappling with skyrocketing electricity costs and a challenging economic situation.
Petrol & Diesel price in Pakistan
Under the leadership of Prime Minister Anwaarul Haq Kakar, Pakistan’s caretaker government implemented significant increases in petrol and high-speed diesel (HSD) prices, raising them by Rs 14.91 and Rs 18.44 per litre, respectively. Following the recent increase, the price of petrol in Pakistan has reached Rs 305.36 per litre, and the price of diesel has surged to Rs 311.84 per litre.
The Pakistan government has attributed the decision to revise petroleum product prices to the rising global petroleum prices and fluctuations in exchange rates. Pakistan has experienced widespread protests due to the sharp increase in electricity bills. Demonstrations have occurred in various cities, including Multan, Lahore, and Karachi, with people burning their bills and confronting officials from power distribution companies in large-scale protests.
The government has acknowledged the concerns and stated that they are working to address the issue of soaring electricity bills. Interim Prime Minister Kakar recently convened an emergency meeting to discuss the matter and instructed authorities to develop specific measures to reduce electricity bills. However, as of now, no concrete solution has been presented.
Pakistan’s foreign exchange reserve worsen
Inflation in Pakistan has soared to a record high of 21.3 percent, while the Pakistani rupee has depreciated significantly, losing approximately half of its value against the US dollar in the past year. Additionally, the country’s foreign exchange reserves are at a critically low level, standing at about $10 billion.
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