In a significant blow to consumers, the government led by Prime Minister Shehbaz Sharif has announced substantial increases in fuel prices, affecting millions of Pakistanis.
According to a recent notification, the price of petrol has risen by Rs 9.99, reaching a record high of Rs 275.60 per liter. Concurrently, high-speed diesel has also seen a steep increase, with prices climbing by Rs 6.18 to settle at Rs 283.63 per liter.
These new rates will be effective starting midnight and will remain in force until July 31.
The Ministry of Finance has confirmed that there will be no alterations to the petroleum products’ tax or levy, thus retaining the current tax structure in place.
As inflation continues to be a critical issue, these price hikes are expected to further diminish the purchasing power of citizens, intensifying the financial strain on households already facing economic challenges.
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