In yet another attempt to tackle the economic crisis in the country, the Government of Pakistan has further revised the existing prices of petroleum products effective February 16 (today).
According to reports, the Government increased the price of petrol up to 12.5 percent. Now, per liter petrol prices will be PKR 272.00, high speed diesel PKR 280 and kerosene will cost PKR 202.73.
Pakistan has been grappling with instability stemming from an economic crisis, last summer’s devastating floods and a recent increase in violence. A significant $1.2 billion portion of the 2019 bailout has been held up since December, with the IMF urging Pakistan to raise more cash. Economists estimate that Pakistan’s inflation rate of 26% could rise to 40% due to the new taxes. But they fear that if Pakistan fails to get the IMF loan, the inflation rate will exceed 60%.
According to the Asian Development Bank, about 21% of Pakistan’s 220 million people live in poverty. The majority are low and middle income, and less than 10% are the wealthy elite.
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