Amidst mounting economic pressures, the masses find themselves grappling with yet another burden as the government on Tuesday decided to jack up petrol prices by a staggering Rs19.95 per litre and diesel price by Rs19.90 per litre for the next fortnight.
The decision was announced by Finance Minister Ishaq Dar during a live broadcast, citing the necessity of adhering to the terms agreed upon with the IMF.
The staggering increase in fuel prices has sent shockwaves through the masses, already grappling with a host of economic burdens. However, Dar emphasised that the government is committed to passing on the minimum possible burden to the people, as directed by Prime Minister Shehbaz Sharif.
“The decision to hike petrol and diesel prices has been taken in the best interest of Pakistan,” asserted Finance Minister Dar.
“While there are negative consequences for deviating from the IMF deal, we must also consider the rising international oil prices in recent days.”
In a consultation with the Oil and Gas Regulatory Authority (OGRA), it was determined that the international oil market fluctuations necessitated an adjustment in fuel prices. The government aims to balance national interests with the pressing need for economic stability.
“Being part of the IMF program and adhering to the standby agreement are crucial for Pakistan’s economic revival,” said Dar, addressing concerns over previous instances when the government failed to meet its commitments. “We cannot afford to repeat past mistakes, and thus, the petroleum levy remains a crucial aspect of the IMF deal.”