Pakistan, which is already facing massive economic turbulence, has again raised the prices of energy prices nearly by Rs 19 on Thursday. According to the latest order by the Ministry of Finance, it has increased the prices of petrol and high-speed diesel (HSD) by Rs14.91 and Rs18.44 per litre, respectively, to beyond Rs300.
Besides, in a major policy decision, the government increased the petroleum levy on petrol by Rs5 per litre, from Rs55 to a maximum permissible limit of Rs60 per litre. According to Prime Minister Anwaarul Haq Kakar's led government, it has increased the prices as Pakistan's currency depreciates further in the week and soaring global oil prices.
Notably, earlier on August 16-- barely two days after the interim government came into power, comes just a fortnight after Rs17.50 and Rs20 per litre increase in petrol and HSD prices. The combined increase works out at Rs31.41 and Rs38.44 per litre within a span of just 15 days.
The Ministry of Finance announced the new prices late in the night following clearance from the caretaker prime minister. "Owing to the increasing trend of petroleum prices in the international market and exchange rate variations, the government has decided to revise the existing consumer prices of petroleum products," it said.
The latest move of the government will further increase the burden of people who have already been facing immense pressure from spiralling prices of vegetables and other essential commodities.
According to Dawn, inflation measured by the Consumer Price Index (CPI) basket of goods and services was 28.3 per cent for July — a little respite compared to 29.4pc in June and record 38pc in May but still far higher, particularly considering the high-base effect.
Also Read: Pakistan: Prices of petrol, diesel hit a record high, new prices reach Rs 290 per litre
