Fuel prices in Pakistan reach record highs amidst economic disruption

Recent reports have highlighted that fuel prices in Pakistan have hit record highs due to an increase in petrol and diesel prices. A litre of petrol in the country now costs PKR 333.38, while high-speed diesel is priced at PKR 329.18 per litre. This represents an increase of PKR 26.02 and PKR 17.34 per litre for petrol and diesel, respectively.

The decision to raise fuel prices comes as Pakistan’s economy faces significant disruption. The country’s Ministry of Finance attributed the price hike to the rising trend of global crude oil prices. Inflation rates in August also contributed to the increase, with a 27.4% spike noted during the month.

The transport sector, particularly heavy transport vehicles, depends heavily on high-speed diesel. The surge in diesel costs is considered highly inflationary and is likely to impact the overall transportation costs in the country. On the other hand, petrol is predominantly used in private transportation, small vehicles, and two-wheelers.

This is not the first time fuel prices have seen an increase in Pakistan. Just last month, petrol and diesel prices were hiked twice within a fortnight, resulting in a cumulative increase of PKR 58.43 and PKR 55.83 per litre for petrol and diesel, respectively.

As the country grapples with these record-high fuel prices, it remains to be seen how this will impact the economy and the daily lives of the Pakistani population.

– ANI (no URL provided)