Pakistan: Shehbaz Sharif govt to drop another 'petrol bomb' on public

In a big blow to crisis-hit Pakistan, the IMF has refused to release the next tranche of USD 1.1 billion out of USD 7 billion programme initially agreed upon in 2019 unless certain terms are met.

As cash-strapped Pakistan struggles to survive the looming economic and financial crisis, Shehbaz Sharif's government is expected to hike petrol and diesel prices by Rs 32 per litre from February 16.

After the increase, fuel prices would likely go up by 12.8 per cent or by PKR 32.07.

This would mean the petrol price could be increased to nearly PKR 282 per litre, compared to PKR 250. Similarly, diesel prices could rise by 12.5 per cent or by PKR 32.84 to PKR 295.64, compared to PKR 262.8.

In addition, the price of Kerosene oil is expected to increase 14.8 per cent or by PKR 28.05 to PKR 217.88 per litre.

Not just crude oils, but prices of other essential commodities, including milk and meat, have also skyrocketed in Pakistan.

This comes after the government recently jacked up fuel prices by PKR 35 per litre on January 29.

The hike in fuel prices is no less than a bomb for the masses, who are already suffering from inflation, increased gas and electricity per unit prices, coupled with widespread unemplyment.

Reportedly, most of the petrol pumps in the Punjab region of Pakistan ran out of petrol disrupting the routine life of people.

The Pakistan Petroleum Dealers Association (PPDA) has accused all Oil marketing companies (OMCs) for failing to ensure appropriate supplies in response to demand, leaving the pumps empty.

The oil companies of Pakistan are on the verge of 'collapse' due to a reeling economic crisis and devaluation of the currency.

OneIndia had reported that the price of a kilogram of chicken in Pakistan now cost over (PKR) Rs 780 a kilogram.

The price of loose milk has been increased to PKR 210 from 190 per litre. The cost of live broiler chicken is now priced at PKR 480-500, which is an increase by RS 30-40 in the last two days, a report in the Dawn said.

Chicken meat is now sold at Rs 700-780 a kg. This is again a massive increase and chicken meat before this cost Rs 620-650 a kg. Reports said that the price of boneless meat now stands at PKR 1,000-1,100 a kg.

In a big blow to crisis-hit Pakistan, the IMF has refused to release the next tranche of USD 1.1 billion out of USD 7 billion programme initially agreed upon in 2019 unless certain terms are met.

With the foreign reserves plummeting to a critical low of just USD 2 billion, sufficient for just 10 days of imports, Pakistan is looking towards the IMF to resuscitate its economy.

Pakistan is struggling with instability stemming from an economic crisis, last summer's devastating floods, and a recent surge in terror attacks across the country.