The current caretaker government in Pakistan has once again increased the prices of petrol and diesel, leaving citizens grappling with higher living costs. Starting from September 16, 2023, the new rates for petrol and high-speed diesel (HSD) stand at Rs331.38 and Rs329.18 per litre, respectively. This translates to a significant jump of Rs9.70 per litre for petrol and Rs17.50 per litre for HSD, causing concern among the public.
This marks the fourth fuel price hike within a short span, resulting in a cumulative increase of over 30% since July 31. The unexpected magnitude of this latest increase is causing widespread worries about the rising cost of living. It is noteworthy that these hikes come shortly after the State Bank of Pakistan decided to maintain a high-interest rate of 22% to curb inflation.
To provide context, the previous fuel price hikes on September 1 saw petrol rates surge by Rs14.91 per litre and HSD by Rs18.44 per litre. Furthermore, on August 16, there was an increase of Rs17.50 per litre for petrol and Rs20 per litre for HSD. Prior to that, on August 1, fuel prices had already surged by Rs19.95 per litre.
Collectively, in just two months, fuel prices have risen by a staggering Rs78 per litre, significantly impacting the everyday lives of ordinary citizens. As the government continues to grapple with the economic challenges posed by rising fuel prices, the people of Pakistan are closely watching for measures to alleviate their financial burdens.
