Overview
A recent notification from the Ministry of Finance has been issued. The notification is exactly based on the petrol price jumped prediction. The announcement for next fortnight’s decision on petrol price is not good for consumers. The government has increased petrol prices in Pakistan by Rs. 9.66 per liter, without mentioning any reason.
Petrol price jump is another burden on the consumer. Due to the uncertain economy and high inflation, consumers have already suffered. This would be a new burden because petrol rates affect consumers in different ways. The new jump could increase the struggle of citizens.
Updated Petrol Price
As per the notification, the petrol price jumped by Rs. 9.66 per liter, and after the increase, the new petrol price is Rs. 289.41 per liter
Meanwhile, the government offers relief for diesel consumers. The price of diesel has been reduced by Rs. 3.32 per liter and now it has reached Rs. 282.24 per liter. The prices have been changed according to the ongoing fluctuation of the international oil market.
Reason
The force behind the recent petrol price hike decision by the new government is the recommendation of the International Monetary Fund (IMF) to reintroduce the 18% GST on petrol as the condition of the final tranche of its bailout package.
The other reason could be the recent action of the government in which they increased the levy from Rs. 60 to Rs. 100.
Conclusion
The government is considering multiple steps for the growth of the economy. But this move creates a new struggle for the consumers. Petrol and diesel price control is the most important thing because it causes multiple inflation effects.
