Hike in the price of Petrol and diesel, breaks all the record
<p>Pakistan’s economic crisis is bringing the country on the headlines each day…Talking about the country’s ongoing economic crisis, Pakistan has raised prices of petrol and gas by a massive 113 percent to a historic high in order to secure the critical International Monetary Fund (IMF) loan tranche. Petrol prices have been jacked up by Rs 22.20 per liter in a bid to appease the IMF for reviving the $7 billion extended fund facility (EFF). Gas prices have been hiked from 16 percent to 113 percent for different sectors including domestic consumers, according to a recent Pakistan Oil and Gas Regulatory Authority (OGRA) notification. Also read: Delhi: Man kills girlfriend, stores body in RefrigeratorAfter the hike in prices of petrol, Diesel prices were hiked and now it is being sold at PKR 280 per liter in the cash-strapped nation. Kerosene and light diesel oil, on the other hand, will sell for PKR 202.73 per liter and PKR 196.68 per liter respectively. The hike in petrol and gas </p>
04:00 PM Feb 16, 2023 IST
Pakistan’s economic crisis is bringing the country on the headlines each day…
Talking about the country’s ongoing economic crisis, Pakistan has raised prices of petrol and gas by a massive 113 percent to a historic high in order to secure the critical International Monetary Fund (IMF) loan tranche. Petrol prices have been jacked up by Rs 22.20 per liter in a bid to appease the IMF for reviving the $7 billion extended fund facility (EFF). Gas prices have been hiked from 16 percent to 113 percent for different sectors including domestic consumers, according to a recent Pakistan Oil and Gas Regulatory Authority (OGRA) notification.
After the hike in prices of petrol, Diesel prices were hiked and now it is being sold at PKR 280 per liter in the cash-strapped nation. Kerosene and light diesel oil, on the other hand, will sell for PKR 202.73 per liter and PKR 196.68 per liter respectively. The hike in petrol and gas prices came into effect on February 16.
The increase in the price of fuels comes after the Economic Coordination Committee (ECC) of the Federal Cabinet approved the summary for hiking the gas price by 112 percent for domestic consumers, classified into 12 categories of protected and unprotected consumers, on February 13.
Talking about the Country’s economic crisis, Pakistan’s foreign exchange reserves have fallen to their lowest level since 1998, at around USD 3 billion, which is insufficient to cover a month’s worth of imports, and the rupee has reached a new low. In addition, inflation is at an all-time high. Resulting in the Economic Crisis of the Country.
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