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Business News/ News / World/  Pakistan inflation: Petrol, diesel prices reach above 300 per litre for first time

Pakistan inflation: Petrol, diesel prices reach above 300 per litre for first time

Fuel prices in Pakistan reach record high of over 300 per litre amid inflation and economic crisis.

Traders shout slogans as they hold their electricity bills during a protest against the surge in petrol and electricity prices in front of the Quetta Press Club in Quetta, Pakistan

Amid record-breaking inflation in the country, prices of petrol and diesel shot to above 300 per litre for the first time in history.

Fuel prices skyrocketed after Pakistan finance ministry announced to hike the price of petrol by 14.91, and high speed diesel (HSD) by 18.44 per litre. With the recent hike, petrol price has swollen to 305.36 per litre, and the diesel price has reached to 311.84 per litre. Notably, Pakistan citizens are already facing the brunt of increased electricity bill. Recent price hike of fuels has added on the woes of people in Pakistan.

The country is at the verge of collapse and is facing its worst economic crisis in decades. The country is trying hard to receive financial help from international organisations. Recent economic reforms have resulted in record-level inflation and high interest rates.

Due to constant devaluation of the Pakistani rupee, its central bank is compelled to raise the interest rates. THe country's currency is currently trading at a record low of 305.6 per US dollar, compared to the previous close of 304.4 on Tuesday.

The country's interim cabinet under interim Prime Minister Anwaar-ul-Haq Kakar is facing the challenge of bringing back its economy on track. Pakistan is expected to witness fresh elections after November. The caretaker cabinet's top job will be to bring back economic stability. The country received last minute $3 billion fund from International Monetary Fund.

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