Petrol Cost Plunges High with Rs 19 Hike From August 2023

The cost of petrol and diesel in Pakistan has reached new heights with a significant hike of Rs 19 from August 2023. This increase comes as the country faces economic turmoil and needs to meet the terms set by the International Monetary Fund (IMF). Explore the current and old prices of petrol and diesel, as well as the reasons provided by the government for this hike, and make sure to practice austerity measures.

Current Petrol Prices From August 2023

• As of August 2023, the price of petrol has been increased by Rs 19.95 per liter, bringing it to Rs 272.95.
• The diesel price has also been raised by Rs 19.90 per liter, reaching Rs 273.40.

Reasons for the Price Increase

The government has cited several reasons for the recent hike in petrol and diesel prices. These include:

1. Meeting IMF Terms: The increase in fuel prices is part of the government's efforts to meet the terms set by the IMF. This is crucial for the country's funding program and economic stability.

2. Rising Oil Prices: The rise in global oil prices also influences the rise in fuel prices. As oil prices increase, it directly impacts the cost of petrol and diesel in Pakistan.

Conclusion

The recent hike in petrol and diesel prices in Pakistan has brought about new heights in fuel costs. The government has implemented this increase to meet the terms set by the IMF and to address the impact of rising global oil prices. It is important for individuals and businesses to be aware of these changes and plan accordingly.