Petrol Price Overtakes Dollar: The caretaker government on Thursday announced an increase in the prices of petroleum products, taking the price of petrol to an all-time high of Rs. 305.36 per liter.
At the last fortnightly review of petroleum prices on August 15, the newly installed caretaker government increased the price of petrol by Rs. 14.91 per liter and the price of high-speed diesel by Rs. 18.44 per liter.
The increase took the price of petrol to Rs. 305.36 per liter while the price of high-speed diesel jumped to Rs. 311.84 per liter.
Ministry of Finance on X: “https://t.co/fvVXRtvz0V” / X (twitter.com)
The Interim Government has also increased the petroleum levy to a maximum of Rs. 60 per liter from Rs. 55 per liter. The price of kerosene has also been raised by Rs. 16.37 per liter and the price will now be Rs. 233.52 per liter. The price of light diesel oil has seen an increase of Rs. 10.34 and the price will now be Rs. 210.13 per liter.
The government said that the hike was necessary due to the rising cost of crude oil in the international market and the depreciation of the Pakistani rupee against the US dollar.
However, the decision has sparked public outrage and criticism from various quarters, who have termed it as a burden on the common man and a blow to the already struggling economy.
The increase in petrol prices will have a cascading effect on other sectors, such as transportation, food, electricity, and manufacturing. The increase in petrol prices comes at a time when Pakistan is facing multiple challenges on economic, political, and security fronts.
The people of Pakistan are hoping for a peaceful and fair electoral process that will bring a stable and accountable government that can address their problems and improve their living standards.
In conclusion, the unprecedented phenomenon of the petrol price overtaking the dollar has sent shockwaves through the global economic landscape. This shift highlighted complex links between commodity prices, and currency values, and exposed vulnerabilities in established financial norms. Upon reflecting on these implications, it’s clear that the world’s dependence on fossil fuels and volatile financial markets intertwine unexpectedly.
