Pakistan’s decision to increase fuel prices further by a whopping 29 per cent will push inflation in the coming months. In May the annual inflation in Pakistan stood at 13.8 per cent. But this is set to gallop now with the Shehbaz Sharif government deciding to further raise prices on Wednesday—the third time in less than three weeks.
The move has infuriated the Pakistanis.
“On Sunday 9pm we must all come out to protest this unprecedented rise in energy prices that will cause hardship across the board affecting all sections of society esp labourers, safedposh, farmers & salaried class,” former prime minister and Pakistan Tehreek-e-Insaf (PTI) leader Imran Khan tweeted.
He was quick to add that the “imported” government of “crooks came to power through US regime change conspiracy.”
For the last seven months, Pakistan’s inflation rate has remained in double digits.
Petrol and diesel prices have already been increased by (Pakistani) Rs 60 since last month. The price of petrol in Pakistan is Rs 233.89 per litre. A litre of diesel is priced at Rs Rs263.31.
Pakistan with its dwindling foreign exchange reserves, urgently requires a bailout package from the International Monetary Fund (IMF). While talks have been on for weeks, the IMF set stringent riders.
Though Pakistan Finance Minister Miftah Ismail had little choice, the move has made the common citizens worried.
The country’s Finance Minister Miftah Ismail’s decision to increase prices has also been opposed by his own party members.
“I have told the prime minister that we have to take tough decisions. The prime minister is unhappy with increasing the prices of petroleum products. Whenever I send a summary in this regard, the ministers curse me,” the Express Tribune quoted Ismail as saying.
Also read: Pakistan may require a record $24 billion of foreign assistance to ride out an economic collapse
