Pakistan’s Fuel Price Hike Adds to Economic Strain on Citizens
In a move that has drawn widespread criticism, the Pakistani government has raised the petrol price by Rs 3.5 per litre, effective Thursday. The price increase, which follows a series of inflationary measures, is expected to put even more pressure on citizens who are already grappling with rising living costs.
Islamabad: In a move that has drawn widespread criticism, the Pakistani government has raised the petrol price by Rs 3.5 per litre, effective Thursday. The price increase, which follows a series of inflationary measures, is expected to put even more pressure on citizens who are already grappling with rising living costs.
Sources in the government indicate that the hike in fuel prices is a result of fluctuations in global oil markets. Additionally, the prices of light-speed diesel and kerosene oil are also expected to rise, with light-speed diesel seeing a proposed Rs 5 increase and kerosene oil likely to go up by Rs 6 per litre.
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Impact of Fuel Price Increases
This decision comes after a similar hike earlier in the month, when the prices of fuel and diesel were raised by Rs 0.56 and Rs 2.96, respectively, on January 1. The latest adjustments, which will be in place from January 16 to January 31, are set to have a significant impact on household budgets and the transport sector.
The proposal for these price hikes was submitted by the Federal Petroleum Ministry to the Oil and Gas Regulatory Authority (OGRA), which will review the suggested revisions before sending them for final approval to Pakistan Prime Minister Shehbaz Sharif.
Public Reaction to Rising Fuel Prices
The price hikes have sparked frustration among the public, especially in urban centers, with many lamenting the ongoing financial strain. “The increase in fuel prices makes it nearly impossible for people like me to save money for basic needs like food,” said a rickshaw driver from Rawalpindi, expressing his discontent with the government’s response to growing economic hardships.
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Government’s Economic Outlook and Reactions
While the government maintains that Pakistan’s overall economic outlook has improved, with inflation rates reportedly brought down to single digits, many citizens remain skeptical. Muhammad Aurangzeb, Pakistan’s Federal Minister of Finance, assured the public that further measures would be introduced to manage inflation and improve the country’s economic standing.
