Petrol prices in Pakistan rise by 60 PKR in a week and hit record highs

Prices for petroleum products in Pakistan rose by PKR 60 per liter in about a week, taking them to record highs and there were arbitrary increases in the prices of items needed by many traders, local media said.

In Pakistan, the prices of petroleum products determine the prices of almost everything due to the role of fuel in transportation.

As the country hiked gasoline and diesel prices, traders arbitrarily hiked the prices of all daily use and necessary items, and carriers raised the fare to eye-popping levels, local media said.

Even the Punjab government is planning to increase the Orange train fare from 40 to 60 PKR. At a time when inflation is practically killing people, at least the government shouldn’t raise public transport fares, according to an article in local media.

Finance Minister Miftah Ismail announced on June 2 that the federal government had decided to increase the prices of all petroleum products except 30 PKR, just a week after making a similar increase, reported Pakistani media.

After the latest round of increases, petrol is priced at PKR 209.86, diesel at PKR 204.15, kerosene at PKR 181.94 and light diesel at PKR 178.31. Only the price of kerosene has increased by less than 30 PKR. Diesel is widely used in freight transportation.

On May 26, Pakistan raised the prices of petroleum products by PKR 30 per litre.

After the government led by Prime Minister Shehbaz Sharif again raised gasoline prices in Pakistan earlier this month, Jamaat-e-Islami (JI) staged a protest across Karachi, according to Pakistani media.

The protests were staged at 11 major points across Karachi. The demonstrators carried signs and banners and chanted slogans against the federal government for following the previous government.

People from across the region took part in the demonstration to register their protest against the rise in the price of petrol to PKR 60 per liter in just one week becoming the highest rate ever. This massive increase has had an impact on ordinary people in the country.

Addressing the protest demonstrations, JI district chiefs and other leaders called on the government to immediately withdraw the hike. JI leaders said political groups in the ruling regime clash when it comes to pleasing the foreign master of the International Monetary Fund (IMF).

Another leader of the protest said that instead of relieving the masses, the government continued to raise the price of petrol in accordance with the guidelines of the International Monetary Fund. The leader further added that raising gasoline prices twice in a single week was tantamount to the economic slaughter of the nation.

JI leaders, addressing the protests, described the tenure of the Pakistan Democratic Movement (PDM) as a continuation of the previous era of Pakistan’s Tehreek-e-Insaf (PTI) coalition government, Pakistani media reported.

The protesters demanded that the government withdraw the hike, take strong action to get rid of the IMF program and dictation, and introduce a real austerity drive among the elite ruling class. They also warned the government of mass protests if the situation did not change.

Pakistani government workers had announced a sit-in outside the country’s finance ministry on Monday, demanding an increase in their salaries due to the unprecedented increase in fuel and electricity tariffs, Pakistani media reported.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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