Amid the outcry over soaring electricity charges in Pakistan, the prices of petrol and diesel in the country have crossed the Rs 300 mark for the first time in history, adding to the worries of people reeling under the grim economic situation.
The caretaker government, under Prime Minister Anwaarul Haq Kakar, increased the prices of petrol and high-speed diesel (HSD) on Thursday by Rs 14.91 and Rs 18.44 per litre.
The Pakistan government, in a statement, said that the decision to revise the existing consumer prices of petroleum products was taken owing to the “increasing trend of petroleum prices in the international market and exchange rate variations.”
The country recently witnessed massive protests over soaring electricity bills. Protests at multiple locations, including Multan, Lahore and Karachi, saw massive demonstrations where people burned their bills. They also confronted officials from power distribution companies.
The government stated that they are trying to address the issue. Earlier this week, the interim PM Kakar held an emergency meeting on the issue and directed authorities to devise “concrete steps” for a reduction in electricity bills. However, no solution has been put forward yet.
The price hike of petrol and diesel approved has come as Pakistan faces one of the worst economic crises in its history, along with political instability. Inflation in Pakistan is currently at a record high of 21.3 per cent. The Pakistani rupee has lost about half of its value against the US dollar in the past year. The country’s foreign exchange reserves are at a critically low level of about $10 billion.
Experts fear that the increase in fuel prices is likely to have a devastating impact on the people of Pakistan.
