Shruti Suman
The escalating crisis in Pakistan has resulted in petrol and diesel prices surpassing the ₹300 mark for the first time in the country’s history. Amidst a series of crises, the finance ministry announced a significant increase in petrol and high-speed diesel (HSD) prices, with petrol now priced at ₹305.36 and diesel at ₹311.84, following hikes of ₹14.91 and ₹18.44, respectively.
Pakistan is currently grappling with one of its most severe economic crises in decades. Recent economic reforms have led to unprecedented levels of inflation and elevated interest rates, which are placing immense strain on both ordinary citizens and businesses. The continuous devaluation of the Pakistani rupee has forced the central bank to raise interest rates further. The national currency is now trading at an all-time low of 305.6 per US dollar, compared to the previous close of 304.4 on Tuesday.
Last month, a caretaker cabinet was sworn in under interim Prime Minister Anwaar-ul-Haq Kakar, tasked with governing the nation until upcoming elections, which could potentially be postponed beyond November. The primary responsibility of this caretaker cabinet is to guide Pakistan towards economic stability. The country’s $350 billion economy is navigating a delicate path to recovery, having secured a last-minute $3 billion bailout deal from the International Monetary Fund.
