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Petrol and diesel prices have increased again in Pakistan. Food prices are skyrocketing. However, inflation is not stopping. Things are getting out of control.
Shahbaz Sharif, Prime Minister of Pakistan (File)
Inflation is at a peak in Pakistan and the common man is suffering. There is a craving for food. Meanwhile, the Shehbaz Sharif government of Pakistan has again increased the price of petrol. The price of petrol has gone up to 272 Pakistani rupees per litre, while the price of diesel has increased by 17.20 Pakistani rupees per liter to 280 Pakistani rupees per litre. Even though the common man is already grappling with the rise in prices of essential commodities, this has added to his problems. Read international news here.
The move by the Shehbaz Sharif government comes hours after the Pakistan National Assembly proposed raising the Goods and Services Tax to 18 percent to help raise ₹17,000 crore in revenue to ease the economic crisis. According to a Geo TV report, the Pakistan Finance Division said that petrol prices have increased by 22.20 Pakistani rupees per liter to a new high of 272 Pakistani rupees per litre. The price of kerosene oil will now be 202.73 Pakistani rupees per liter. The price of light diesel oil will be Rs 196.68 per litre.
780 kg of chicken is being sold in Pakistan
A rise in oil prices was one of the preconditions of the International Monetary Fund, which would cause inflation to rise. Prices of daily necessities have skyrocketed. The price of milk is 210 Pakistani rupees per liter and chicken meat is selling at 780 Pakistani rupees per kg. On Wednesday, a senior economist at Moody’s Analytics said inflation in Pakistan could average 33 percent in the first half of this year.
Pakistan needs strong economic management
“We believe that an IMF bailout alone will not be enough to get the economy back on track,” says senior economist Katrina L. The economy really needs consistent and strong economic management.” Islamabad has negotiated with the IMF to release the relief fund as it has reserves to meet only three weeks of imports. A supplementary bill introduced in the Pakistan Assembly by Finance Minister Ishaq Dar proposes GST exemption from daily use items like wheat, rice, milk and meat to reduce the budget impact.