Petrol-Diesel Prices Hiked Again in Pakistan Amid Economic Crisis; Check Latest Rates

New Delhi: Hours after presenting a tax-laden mini-budget, in an effort to curry favour with the International Monetary Fund (IMF) for releasing the crucial loan tranche, Pakistan on Wednesday night increased the price of gasoline and gas to an all-time high, according to Geo News.

Following a new increase in fuel prices, Pakistani citizens will now pay PKR 272 per litre for gasoline and PKR 280 for diesel. The residents of the South Asian country, which is experiencing its greatest economic crisis in history, would suffer even more anguish as a result of the hike in fuel costs. (Also Read: SBI vs HDFC vs ICICI vs PNB vs BoB: Savings Accounts Minimum Balance and Penalty Charges Compared)

A supplementary finance bill was introduced by the Shehbaz Sharif administration in the Pakistan National Assembly just hours before to the announcement of the increase. To combat the present economic crisis, the government has proposed hiking the goods and services tax to 18%, which would generate PKR 170 billion in additional income.

According to local media station GEO TV, the cost of gasoline has increased by PKR 22.20, while the cost of diesel has increased by about PKR 17. Kerosene oil has also increased in price and will now be sold for PKR 202.73 per litre. The new prices will take effect on Thursday at 12 a.m.