Last week, the government caught all of us off guard with a massive hike in petrol prices. Shocked by the news, the public condemned the government and prepared themselves for another round. Thankfully, that didn’t happen. The government has kept the prices unchanged till the next revision, i.e., the 16th of June.
Current Petrol Prices
After the recent hike in petrol prices, petrol now costs Rs. 179.86.
New Diesel rate is Rs. 174.15.
New rate of Kerosene Oil is Rs. 155.56.
Light Diesel Oil now costs Rs. 148.31.
Petrol to Cross Rs. 200?
The new government played emotionally for a month, keeping the petrol prices unchanged and trying to portray a good image in front of the public. As a result, the country lost billions of dollars in petrol subsidies, and the government failed to reach an agreement with the International Monetary Fund (IMF).
All this led to the government’s haphazard policies and measures of hiking the petrol prices by Rs. 30 on a day when nobody expected. The irony is this doesn’t end here. We are entering a black hole of inflation and recession.
The government may have gone easy this time, keeping the petroleum prices unchanged, but things are going to take a turn for the worse. Economic experts and analysts believe that the government will increase rates once again in the coming days. We think the petrol rate will cross Rs. 200 in the next revision. In the words of our Federal Minister for Finance, Miftah Ismail — “the petrol price hikes are inevitable.”
What do you think about the whole petrol situation? Do you think the new government will be able to get us out of this chaos or push us further? How have you been holding up in this rage of inflation? Join the conversation and share your thoughts in the comments section.
Whatever happens, folks, we are in this together!
