Pakistan: petrol price at all-time high after Rs 22.20/L hike; diesel also costlier amid economic crisis

Amid a burgeoning economic crisis in Pakistan, petrol prices have reached an all-time high in the country.

Petrol now costs Rs 272 per litre, while diesel costs Rs 280 per litre, as per reports. Petrol prices were raised by Rs 22.20 per litre, and diesel by Rs 17.20 per litre.

The announcement came after the Shehbaz Sharif government tabled a supplementary finance bill in the National Assembly to hike goods and services tax to 18% to raise Rs 170 billion in revenue. The increase came as finance minister Ishaq Dar presented the money bill in the parliament to fulfil the International Monetary Fund's (IMF) demand to increase revenue before it releases USD 1.1 billion out of the USD 7 billion loans.

The increase in the price of petroleum products was one of the preconditions of the International Monetary Fund, which will lead to a hike in the already record-high inflation, coupled with the new fiscal measures undertaken through the 'mini-budget'.

(With PTI inputs)

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