The Pakistani government has increased petrol and diesel prices significantly, bringing additional strain to household budgets and the transportation sector. As of today, petrol costs PKR 293.94 per litre, a rise of PKR 4.53, while high-speed diesel (HSD) will retail at PKR 290.38 per litre, representing an increase of PKR 8.14.
The Pakistani Finance Ministry attributed the price hike to fluctuations in the international energy market. This latest increase will remain in effect until April 30th.
The impact of rising petrol prices will fall heavily on Pakistanis who rely on private vehicles, rickshaws, and motorcycles for transportation. Additionally, the surge in HSD costs directly affects public transportation, the agricultural sector, and the prices of everyday goods such as vegetables, which rely heavily on diesel-powered vehicles for transport.
Despite recent gains in the Pakistani rupee's value, analysts note that international fuel prices remain volatile. The government continues to collect the maximum permissible Petroleum Development Levy (PDL) on both petrol and HSD to help meet budgetary targets agreed upon with the International Monetary Fund (IMF).
This substantial increase in fuel prices adds further pressure to Pakistani households and businesses already grappling with economic challenges. Experts anticipate ripple effects throughout the economy, potentially leading to increased costs for essentials and services.
