[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The price of high-speed diesel in Pakistan is expected to increase by Rs24 per litre effective from August 16, 2023, leading to concerns of a new wave of inflation. As international oil prices surge, the government may also raise prices of other petroleum products, including petrol, by Rs12 to Rs24 per litre in its fortnightly review for August 16-31, 2023.
The increase in fuel prices is attributed to rising international commodity prices and loan conditions set by the International Monetary Fund (IMF), which have compelled the government to pass on the cost to domestic consumers. The prices of refined petroleum products have recently gone up due to global market fluctuations.
High-speed diesel is used in agriculture and transportation sectors, and any increase in its price could lead to further inflationary pressures, impacting the common people. The surge in fuel prices could particularly affect farmers who rely on diesel for harvesting crops in remote areas.
Also Read: Petrol Prices Set to Rise Again After August 15
The oil industry in Pakistan has faced challenges due to a poor economic situation and issues like smuggling of Iranian fuel into the market. The government has also been accused of manipulating the oil pricing formula to control prices.
As the government moves away from subsidizing oil consumers, further increases in petroleum prices may pose challenges to consumers and the overall economy.[/vc_column_text][/vc_column][/vc_row]
