Petrol, diesel prices cross 300 mark for the first time in the history

In a significant development, Pakistan has witnessed a historic milestone as the prices of petrol and diesel have surpassed the ₹300 mark for the first time in the nation’s history. Amidst a series of ongoing crises, the finance ministry recently announced substantial increases in fuel prices, with petrol seeing a rise of ₹14.91 and high-speed diesel (HSD) soaring by ₹18.44.

As a result of these adjustments, the price of petrol has now reached ₹305.36, while diesel stands at ₹311.84.

Pakistan is grappling with one of its most severe economic crises in decades. Recent economic reforms have led to unprecedented levels of inflation and elevated interest rates, placing significant strain on both ordinary citizens and businesses.

The continuous depreciation of the Pakistani rupee has compelled the central bank to raise interest rates further. The country’s currency is now trading at a record low of 305.6 per US dollar, compared to the previous closing rate of 304.4 on Tuesday.

Last month, Pakistan installed a caretaker cabinet under interim Prime Minister Anwaar-ul-Haq Kakar, entrusting it with the responsibility of governing the country until upcoming elections, which might be postponed beyond November.

The primary objective of this caretaker cabinet is to guide Pakistan toward economic stability, as the $350 billion economy navigates a challenging path to recovery, with the recent acquisition of a last-minute $3 billion bailout deal from the International Monetary Fund.

Leave a Reply

Your email address will not be published. Required fields are marked *