In a move that has left the nation fuming, Finance Minister Ishaq Dar announced an exorbitant increase of Rs 19.95 per litre in petrol and diesel prices, citing the ‘national interest’ and commitments made with the International Monetary Fund (IMF). The price surge, effective immediately, has come as a shock to many, who were already burdened by soaring inflation rates.
Originally scheduled for July 31, the announcement was delayed as officials grappled with the potential repercussions of the hike on the public’s already strained finances. Despite facing public backlash, Dar justified the increase by stating that Pakistan had agreed to the IMF’s demands to impose the petroleum development levy (PDL) on fuel rates.
Dar’s term as finance minister will end on August 12, and his parting decision has left a bitter taste for ordinary citizens. He defended the move, claiming that they had no choice but to comply with the IMF’s stringent conditions, which include raising the petroleum levy to Rs60 per litre.
Many believe that the government should have explored alternative solutions to alleviate the financial burden on the masses, rather than resorting to such a drastic and ill-timed price hike. The announcement has fueled anger and frustration, as people struggle to cope with the rising cost of living.