Merely two days after the interim government took oath in Pakistan, it raised petrol and diesel prices to a record high on Tuesday. The Ministry of Finance, in a statement, said it increased the prices by up to Rs20 per litre amid an abrupt jump in prices in the international market.
According to Pakistan English Daily, the new petrol price will be Rs290.45 per litre from today (Wednesday) after an increase of Rs17.50 per litre-- another second massive hike in a fortnight that is likely to stoke further inflation, which had cooled over the past two months.
According to the ministry, the new prices came into effect after consultations with caretaker Prime Minister Anwaarul Haq Kakar, who was sworn in on August 14.
Rs 40 increased within 15 days
As per the report, the government has increased the prices within two weeks. Earlier, the Shehbaz Sharif-led government had increased the prices by Rs 20 per litre. Simply, the government has increased the prices by Rs 40 within 15 days.
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.
