Petrol and diesel prices reach record highs in Pakistan as economy dwindles

Fuel prices in Pakistan have hit record highs as the petrol and diesel prices have been increased, reported ANI. The report has stated that a litre of petrol in the country costs PKR 333.38, while the rate of high-speed diesel is PKR 329.18 per litre. The Pakistan government has reportedly increased the per litre pricing of petrol and diesel by PKR 26.02 and PKR 17.34, respectively. Pakistan's Ministry of Finance announced the increase in the price of petrol and high-speed diesel, the report said.

Previously, petrol and diesel prices were increased in August. In fact, prices of petrol and diesel were hiked twice in August within a fortnight. Prices of petrol and diesel were increased last month in the country by PKR 32.41 and PKR 38.49 per litre, respectively. Now, within a month, the combined hike in the prices of petrol and diesel is PKR 58.43 and PKR 55.83 a litre. The report has further stated that the increase in fuel prices occurred owing to the 27.4 per cent hike in the rate of inflation in August.

The surge in prices of petrol and diesel comes at a time when the country's economy is facing a massive disruption. The report has also stated that Pakistan's Ministry of Finance said that the decision to price hike for petrol and diesel has been taken due to the increasing trend of crude oil prices in the international market.

The majority of the transport sector in the country operates on high-speed diesel, which has witnessed a surge in cost in the latest price hike decision. Its price is considered highly inflationary as it is mostly used in heavy transport vehicles. On the other hand, petrol is used in private transport, small vehicles and two-wheelers.