Fuel Prices Shoot up Rs 20/Lliter Hike Effective From August 16
Effective August 16th, there has been a significant increase in fuel prices, with a hike of Rs 17 & 20 per liter on petrol and diesel respectively.
The government of Pakistan has increased the prices of petroleum products by Rs17 and Rs 20 per liter with immediate effect from August 16, 2023. The price of petrol has increased to Rs290.45 per liter from the previous Rs272.95 per liter, while the price of high-speed diesel (HSD) has reached Rs293.40 per liter from the earlier Rs273.40 per liter. The news came in after the interim government sworn in a couple of days ago amid the fluctuating economic situation.
Petrol Prices from August 16th, 2023 Onwards
Causes of the Hike
The latest fuel price hike in Pakistan is due to several factors, including the increase in global crude oil prices, the depreciation of the Pakistani rupee against the US dollar, and the pressure from the International Monetary Fund (IMF) to remove fuel price caps and increase fuel prices to unlock IMF funding.
Price Hike Impact on Consumers
The hike in fuel prices is expected to have a significant impact on the economy and the daily lives of the citizens of Pakistan. The increase in fuel prices is likely to lead to an increase in the prices of other goods and services, as transportation costs increase. This, in turn, is likely to lead to inflation and a decrease in the purchasing power of the citizens.
In conclusion, the hike in fuel prices is likely to have a significant impact on the economy and the daily lives of the citizens of Pakistan. While the government has cited several reasons for the hike, it is important for the government to take steps to mitigate the impact of the hike on the citizens and the economy
