Overview
No relief is expected in the petroleum products in next fortnight’s petrol price decision. The rumors about the next shocking petrol prices hike will be announced in just 3 days and this time it will take the petrol price to around Rs 300 per liter above. This is the first time in Pakistan’s history that petrol rates cross all red lines
The new massive hike in petrol price will be announced from 1st August. Petrol prices affect overall economic concerns and increase inflation all around the country. These massive increases in petroleum prices affect daily operations and increase expenses for daily commuters traveling for work.
Reason Behind the Massive Hike
The incumbent government has never fulfilled the promise to reduce petroleum products rate after Russian crude oil import. The last fortnight fuel prices decision has to make an increase of Rs 40 in petrol rates. And now the rumors of another increase in prices are also depressing citizens.
The major reason behind the change in petrol prices is the devaluation of the rupee value, the uneven surge recorded in the international oil market, and the government support of the International Monetary Fund (IMF) Program. The incumbent government never offered a favor in petrol levy to reduce petrol prices for citizens. The massive price change in the petrol rate affects the price of other goods and increases transportation charges. The regular routine work has been also affected by the changes in prices.
Conclusion
All the dreams of the incumbent government for a cheap petrol scheme do not work for the citizens. Even we are facing the historic high petrol prices. However, the petrol rates increased in the international market but the devaluation of the rupee value is the biggest issue of high inflation in the country.
