Petrol & Diesel Price Expected to increase From massively from August 16 in Pakistan

• The price of petrol is expected to increase by Rs. 24 per litre.
• The price of diesel is expected to increase by Rs. 28 per litre.
• The price of kerosene oil is expected to increase by Rs. 23 per litre.
• The price of light diesel oil is expected to increase by Rs. 22 per litre.

These increases are expected to be implemented from midnight on August 15, 2023. The government has said that the increases are necessary to meet the conditions of the International Monetary Fund (IMF) bailout package. The IMF has demanded that Pakistan increase its fuel prices in order to reduce its budget deficit.

The increase in fuel prices is expected to have a significant impact on the Pakistani economy. It will make transportation more expensive, which will drive up the cost of goods and services. It will also make it more difficult for businesses to operate, which could lead to job losses. The government has said that it will provide some relief to the poor and vulnerable, but it is unclear how effective this will be.

The increase in fuel prices is a major challenge for the Pakistani government. It is facing a number of economic problems, including high inflation, a widening budget deficit, and a declining foreign exchange reserve. The increase in fuel prices will only make these problems worse. The government needs to find a way to manage the rising cost of fuel without further damaging the economy.

Here are some additional details about the factors that are contributing to the increase in fuel prices in Pakistan:

• The war in Ukraine has caused a global shortage of oil, which has driven up prices.
• The sanctions on Russia have also contributed to the rise in oil prices.
• The Pakistani rupee has been depreciating against the US dollar, which has made imports more expensive, including fuel.
• The Pakistani government has been subsidizing fuel prices, which has put a strain on its finances.

The Pakistani government is facing a number of difficult choices. It can either continue to subsidize fuel prices, which will put a strain on its finances and lead to inflation. Or, it can increase fuel prices, which will make transportation more expensive and could lead to job losses. The government needs to find a solution that is both sustainable and affordable for the people of Pakistan.