The Government of [Pakistan] has announced a Rs 5 per liter increase in the price of petrol, effective immediately. The decision to raise the petrol price has been attributed to the rise in international crude oil prices and the depreciation of the local currency.
The new petrol price is expected to impact consumers and businesses alike, as it will lead to an increase in transportation costs and the prices of goods and services. The government has stated that the increase in petrol prices is necessary to reduce the burden on the national exchequer, as it heavily subsidizes the cost of fuel.
While the decision to raise petrol prices may be unpopular with some segments of society, the government has emphasized that it is taking steps to mitigate the impact of the increase. For instance, it is providing targeted subsidies to low-income households and increasing investment in public transportation infrastructure.
This latest increase in petrol prices is part of a broader trend of rising fuel costs globally, as demand for oil increases and supply constraints persist. However, the government’s decision to increase petrol prices is likely to be contentious, given the potential impact on consumers and businesses.
In conclusion, the government’s decision to increase petrol prices by Rs5 per liter is aimed at reducing the burden on the national exchequer, but it is likely to have implications for consumers and businesses. It remains to be seen how the government’s efforts to mitigate the impact of the increase will be received, but it is clear that rising fuel costs are a global trend that is unlikely to abate anytime soon.
Other than that, the price of high speed diesel was also increased by Rs13 per litre, and kerosene oil by Rs2.56 per litre. However, the price of light speed diesel was kept unchanged.