The interim government has recently announced a significant increase in the prices of petrol and high-speed diesel. The price of petrol has hiked by almost Rs18, making it Rs290.45 per litre, while the price of high-speed diesel has increased by Rs20, reaching Rs293.40 per litre.
This announcement came on August 16, following the previous government’s decision to raise the prices by Rs20. The Finance Division cited the recent global increase in petroleum prices as the reason for these revisions. As a result, Pakistan’s consumer prices had to be adjusted accordingly.
It is important to note that this is the first price revision of petroleum products since the appointment of Anwaarul Haq Kakar as the caretaker Prime Minister. The new prices will take effect from August 16, ensuring that consumers will face these changes.
Furthermore, Pakistan has committed to a petroleum levy of up to Rs50 per litre under an agreement with the International Monetary Fund (IMF) for a bailout package. Last month, the IMF approved a $3 billion nine-month standby arrangement to support Pakistan’s economic stabilisation programme. This bailout package is approximately $2.25 billion in Special Drawing Rights (SDRs), equivalent to about $3 billion or 111% of Pakistan’s quota.
With the recent increase in petrol and diesel prices, consumers will have to adapt to these changes and may have to rearrange their budgets accordingly.