Pakistan announced a further increase in petrol and high-speed diesel prices on Tuesday, the finance ministry said in a statement, the second hike in a month.
The price of petrol would be raised by 17.50 Pakistani rupees to 290.45 rupees ($0.9991) per litre effective Aug. 16, the ministry said in a post on X, formerly known as Twitter.
High-speed diesel will now cost 293.40 rupees ($1.01) per litre after an increase of 20 rupees.
Earlier this month, the country increased petrol and diesel prices to meet fiscal objectives laid down in a deal with the International Monetary Fund (IMF), compounding sky-high inflation.
Pakistan is currently experiencing high inflation rates, leaving its citizens struggling to meet their daily needs. Riots and casualties have occurred due to shortages of essential food items like flour. However, it is the soaring prices of fuels, oil and lubricants that have had the most significant impact on the Pakistan Army.
With fuel prices already soaring at an exorbitant rate of 262 per litre for petrol and diesel, and 164 for kerosene oil, the Pakistan Army finds itself unable to procure the necessary reserve fuel and lubricants essential for operating its fleet of military trucks, tanks, and armoured vehicles.
Earlier this year, several field commanders of the Pakistan Army had written to the Quarter Master General, expressing serious concerns over the shortage of basic food items in all the messes to feed its soldiers.
According to the global lender’s data, debt-strapped Pakistan will soon become the fourth largest IMF borrower in the world after receiving a fresh loan of USD 3 billion in the next nine months under the standby arrangement reached with the global lender.
Pakistan, which is facing its worst economic crisis since independence from Britain in 1947, was on March 31, 2023, ranked fifth in the list of countries with the highest borrowing from the International Monetary Fund (IMF), The Express Tribune newspaper reported, citing the global lender’s data.
The unprecedented fuel shortage and its adverse effects on the Pakistan Army’s operational readiness underline the profound impact of the country’s political and economic instability on its defence forces.
Via Firstpost World Latest News https://ift.tt/BENTX0R
0 Comments: