Did You Know Petrol Prices Are Increasing in November?
Petrol prices in Pakistan are set to rise from November 1, 2023. The Pakistani government has said the increase is necessary to meet the rising cost of fuel. Prices will likely be hiked by around 6.5%. The increase in petrol prices is being done with the aim of reducing the country’s overall expenditure on petroleum products. It seems that the government’s efforts to manage its finances will be at the cost of citizens.
New Prices of Petrol In Pakistan
The 6.5% increase is expected to be the biggest in four years. It is unclear what sort of impact the rise will have on the common man. But the government is already under financial pressure and this could be one of the options being taken to cover the deficits. The new Price of Petrol in Pakistan is going to be 2.43 Per Liter. The new Price of diesel in Pakistan is going to be 5.65 per liter.
Petrol Prices Internationally
Internationally the price of Petrol until the 26th of October 2023 is $90.72 per Barrel. This Price marks an increase as compared to the previous price which was $87.74 Per Barrel.
Impact on People after Increase in the price
Pakistan is already struggling with high inflation and its citizens are already under strain. In such a situation, the hike in petrol prices is likely to be counter-productive and may lead to more economic difficulties. The government has also indicated that there may be additional hikes in the future. This could further impact the common man and create further economic instability. It is important that the government takes measures to ensure that the increase in petrol prices does not unduly affect the citizens. Additionally, it is equally important that the government works on finding alternative options to stabilize its finances and avoid further hikes in fuel prices.
Update on Petrol prices in Pakistan
The Government is going to announce the next increase in petrol prices on the 31st of October 2023. That announcement will provide further explanation on how Pakistan Fuel prices are going to increase as internationally development.