Cash-strapped Pakistan hikes petrol price by Rs. 10 per litre
The Hindu
Pakistan is on the verge of default with just over $4 billion in reserves.
Cash-strapped Pakistan has hiked petrol price by Rs. 10 per litre, amid the country’s ongoing economic crisis and steep currency devaluation, further burdening citizens who are already hit by skyrocketing inflation.
After the latest revision, petrol price has now risen to Rs. 282 per litre. Finance Minister Ishaq Dar announced the hike in a late-night live address, during which he said the prices of diesel and light diesel oil would remain unchanged at Rs. 293 and Rs. 174.68 respectively.
The price of kerosene was also hiked by Rs. 5.78 to Rs. 186.07.
“The new prices will be effective from 12 a.m. on Sunday (April 16),” the finance minister said.
Mr. Dar acknowledged these revisions were necessary as prices of petroleum products increased in the international market over the past 15 days.
Oil prices spiked after Organisation of the Petroleum Exporting Countries (OPEC+), announced earlier this month that they would cut output.
Debt-ridden Pakistan and the International Monetary Fund (IMF) have failed to reach a staff-level agreement on the much-needed $1.1 billion bailout package aimed at preventing the country from going bankrupt.
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