Pakistan economic crisis: petrol and diesel prices soar past Rs 300 mark

Islamabad: In the midst of Pakistan's ongoing economic challenges, the nation has witnessed the prices of petrol and diesel crossing the significant Rs 300 mark for the first time in its history.

Amidst this financial instability, the finance ministry made an announcement yesterday evening, revealing an increase of Rs 14.91 for petrol and Rs 18.44 for high-speed diesel (HSD), reported NDTV. With this recent adjustment, the price of petrol now stands at Rs 305.36, while the cost of diesel has surged to Rs 311.84, reflecting a substantial burden on the public.

Pakistan finds itself ensnared in one of its most severe economic crises in recent memory. Recent financial reforms have resulted in unprecedented levels of inflation and elevated interest rates, creating immense strain on the livelihoods of ordinary citizens and the operations of businesses.

The persistent depreciation of the Pakistani rupee has compelled the central bank to raise interest rates in an effort to stabilise the currency. Presently, the country's currency is trading at a historic low of 305.6 per US dollar, a stark contrast to the previous closing rate of 304.4 recorded just two days earlier.

Last month, Pakistan installed a caretaker cabinet led by interim Prime Minister Anwaar-ul-Haq Kakar, with the responsibility of governing the nation until new elections are held. These elections may face potential delays, possibly extending beyond November.

The primary objective of the caretaker cabinet is to guide Pakistan towards economic recovery and stability, as the nation's $350 billion economy embarks on a challenging path to revival. This journey is further complicated by Pakistan's recent eleventh-hour agreement with the International Monetary Fund, securing a $3 billion bailout deal to support its economic resurgence.