Fuel prices at record high in Pakistan following the finance bill
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New Delhi: Adding to the woes of its citizens, authorities in Pakistan hiked fuel prices to a shocking PKR 272 per litre for petrol and PKR 280 for diesel.
The hike comes shortly after the Shehbaz Sharif administration introduced a supplementary finance bill in National Assembly.
Reports say the rise in fuel prices was longtime coming as it was among the conditions set by the International Monetary Fund to sanction a loan to the cash strapped nation.
The increase in fuel prices will further burden the citizens of the nuclear-equipped country which is facing worst economic crisis in its history.
The finance bill is aimed to raise PKR 170 billion in revenue by hiking goods and services tax to 18 per cent, to cushion the economic crisis.
Pakistan media reported that petrol price has gone up by PKR 22.20, while diesel price is peaking by PKR 17.
Kerosene oil, which is vital for a large number of people, has gone dearer at PKR 202.73 per litre, as all fuel hike come into effect from 12 am on Thursday.
The hike will trigger a further spike in inflation in the nation as basic commodities are now retailing at extremely high prices.
A litre of milk is sold at PKR 210, and a kilo of chicken costs PKR 700-800. Prices of other essential items such as wheat, pulses and vegetables are going through the roof.