Islamabad: Pakistan’s Finance Minister, Ishaq Dar, announced a significant increase in petrol and diesel prices. The decision to raise the rates by Rs19.95 per litre for petrol and Rs19.90 per litre for diesel is expected to have widespread repercussions on inflation across the country.
The announcement was made during a live message aired by various TV channels. Ishaq Dar stated that the government had no choice but to implement the increase in line with the agreement reached with the International Monetary Fund (IMF). Deviating from the IMF deal could have adverse consequences for the country’s financial stability.
Ishaq Dar emphasized that the outgoing government made the decision in the best interest of Pakistan. Prime Minister Shehbaz Sharif reportedly directed the finance team to minimize the burden on the masses while ensuring adherence to the IMF agreement.
The petrol and diesel price hike is expected to trigger inflationary pressures across all levels of the economy, impacting the cost of transportation, goods, and services. The public’s response to the increase remains to be seen, as citizens may face hardships due to the surge in fuel costs.
