Petrol and diesel prices in Pakistan have crossed Rs 300 for the first time. As Pakistan lurches from one crisis to another, the finance ministry announced late on Thursday that petrol prices will rise by Rs. 14.91 and high-speed diesel (HSD) price at Rs. 18.44 has been increased.
Now the price of petrol has gone up to Rs 305.36 and diesel has gone up to Rs 311.84.
Pakistan is facing its worst economic crisis in decades. Recent economic reforms have resulted in inflation and high interest rates reaching historic levels, putting pressure on ordinary people and businesses.
The continuous depreciation of the Pakistani rupee has forced the central bank to hike interest rates. The country’s currency is trading at a record low of 305.6 per US dollar, down from 304.4 at the previous close.
Last month, a caretaker cabinet was formed under interim prime minister Anwar-ul-Haq Kakar, which has been tasked with holding elections after November.
The caretaker cabinet’s biggest task will be to steer Pakistan to economic stability as the $350 billion economy is slowly recovering even after a last-minute bailout package of $3 billion from the International Monetary Fund.