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Islamabad: After the release of the tax-laden mini-budget by the Government of Pakistan, there has been a big increase in the price of petrol and diesel in the neighboring country. Petrol and gas prices have been hiked to a historic high on Wednesday night to please the International Monetary Fund (IMF). In order to get the loan installment from IMF, it is as if the Government of Pakistan has dropped a petrol bomb on the public.
Petrol increased by more than Rs 22
The Government of Pakistan has increased the price of petrol by Rs 22.20. After this, the price of petrol has gone up to Rs 272 per litre. The government has attributed the increase to the devaluation of the rupee against the dollar. On the other hand, the price of high-speed diesel has been increased by Rs 17.20 to Rs 280 per liter.
kerosene is also expensive
Under the new rates, kerosene will now be available at Rs 202.73 per liter after an increase of Rs 12.90. Meanwhile, light diesel oil will be available at Rs 196.68 per liter after an increase of Rs 9.68. Geo News reported that the new prices will be applicable from 12 am on Thursday. Explain that the increase in the price of petroleum products was one of the pre-conditions of the IMF, which was brought on the pretext of ‘mini-budget’ and will increase the country’s inflation rate.
Inflation in Pakistan is expected to rise sharply after the hike in petrol prices in the ‘mini-budget’. Moody’s Analytics Senior Economist Katrina L has predicted that inflation in Pakistan could average 33 per cent in the first half of 2023 and a bailout package from the IMF alone is unlikely to revive the economy. Through the mini-budget, the Pakistan Democratic Movement (PDM)-led federal government aims to reduce the budget deficit and broaden its tax collections.
