Tuesday, November 28, 2023
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Inflation in Pakistan: Petrol and diesel prices top Rs 300 per liter for the first time

Amid record inflation in the country, gasoline and diesel prices skyrocketed $300 per liter for the first time in history.

Fuel prices spiked after Pakistan’s Finance Ministry announced a gasoline price hike in $14.91, and High Speed ​​Diesel (HSD) of $18.44 per liter. With the recent rise, the price of gasoline has risen to $305.36 per liter, and the price of diesel has reached $311.84 per liter. In particular, the citizens of Pakistan are already bearing the brunt of rising electricity bills. The recent increase in fuel prices has aggravated the problems of the people of Pakistan.

The country is on the verge of collapse and is facing its worst economic crisis in decades. The country strives to receive financial assistance from international organizations. Recent economic reforms have resulted in unprecedented inflation and high interest rates.

Due to the constant devaluation of the Pakistani rupee, its central bank is forced to raise interest rates. The country’s currency is currently trading at a record low of $305.6 per dollar, compared to the previous closing of $304.4 on Tuesday.

The country’s interim cabinet, under interim prime minister Anwaar-ul-Haq Kakar, faces the challenge of getting its economy back on track. Pakistan is expected to witness new elections after November. The main task of the provisional cabinet will be to restore economic stability. The country received at the last moment a fund of 3,000 million dollars from the International Monetary Fund.

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