According to the Pakistani government, changes in exchange rates and shifting global oil prices are to blame for the rise in the price of petroleum goods.
Shehbaz Sharif’s administration raised the price of gasoline by 1.45 rupees per litre on Wednesday, dealing another blow to Pakistanis who are suffering from high inflation. As a result, the newly revised gasoline prices in India’s neighbouring country have increased to 237.43 rupees per litre from 235.98.
The price of light diesel has been reduced by the Government of Pakistan’s finance division to Rs. 4.26 per litre, and the price of kerosene oil has been decreased by Rs. 8.30 per litre as of September 31.
High-Speed Diesel, however, continues to be priced the same.
Pakistan’s most recent petroleum product prices:
Petrol costs 237.43 per litre.
Diesel costs 247.43 per litre.
Kerosene costs 202.02 per litre.
Light diesel fuel costs 197.28 per litre.
According to the Pakistani government, the increase in petroleum product prices is due to fluctuating global oil prices and exchange rate fluctuations.
Pakistan is in the grip of a severe flood that has submerged large parts of the country, killing nearly 1,500 people and affecting approximately 33 million people. Furthermore, due to a lack of funds, Pakistan is on the verge of economic collapse.
Political unrest, a deteriorating business climate, and poor economic management have made the country less attractive to traditional partners for investment, leaving it vulnerable to both political and economic risk.
The country’s recent monsoon rains and floods have made it less likely that the economy will recover from the crisis quickly.
Pakistan’s agriculture sector faces the worst blow as at least 18,000 sq km of agricultural land have been wiped out. The agriculture growth might remain zero or slide into negative against the envisaged target of 3.9% for the current financial year 2022-23.
The floods have wreaked havoc on nearly 80 districts in Pakistan. Along the main highway that leads to Hyderabad, thousands of people have set up tents or are waiting for a place to stay under the open sky. Floodwater extended for miles on either side of the road.
The per capita income is expected to decline in the wake of rising economic losses and sluggish GDP expansion. For the current fiscal year, the government had projected GDP growth of 5%.
Additionally, from 21.9 to over 36 per cent, poverty and unemployment rates will increase significantly. According to estimates from the Pakistani government, 118 districts’ population was affected by poverty to the tune of 37%.
Pakistan needs extra aid to maintain its basic supplies and continue its post-flood reconstruction, despite the US Agency for International Development (USAID) contributing an additional USD 30 million and China promising RMB 100 million.
In the wake of the devastating floods that uprooted more than 33 million people and are thought to have cost $30 billion in damage, United Nations Secretary-General Antonio Guterres recently declared that Pakistan needs “huge” financial support for relief, recovery, and rehabilitation.
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