Pakistan In a major relief to people suffering from inflation in the country, the government has cut the prices of petrol and high-speed diesel (HSD) by Pakistani rupees 10.20 and Pakistani rupees 2.33 per litre respectively ahead of Eid-ul-Azha. After the cut, the price of petrol will be Pakistani rupees 258.16 per litre and HSD will be priced at Pakistani rupees 267.89 per litre, the Express Tribune newspaper reported on Friday, quoting a statement from the Prime Minister’s Office. The cut is effective from Saturday. If compared to the price of petrol and diesel in India, it is still two and a half times higher.
The price was increased several times amid financial crisis
Pakistan, which is facing severe economic crisis, has increased the price of petrol and diesel several times in the last few years to increase tax income. On one hand, the public is struggling with low income. On the other hand, fuel and food items have become very expensive. Let us tell you that in Pakistan, not only petrol and diesel, but the prices of flour, pulses, rice, sugar, gas, tea and milk are also skyrocketing. This has worsened the condition of the common people.
Review is done every 15 days
Pakistan’s Finance Department usually reviews fuel prices every 15 days. The department issued an official notification for the fresh price cut and said the new prices will remain in effect for the next fortnight.
9.8 crore people in Pakistan are below poverty line
About 98 million people in Pakistan are below the poverty line. With this, the poverty rate remains at around 40 percent. According to the World Bank report, people living just above the poverty line are at risk of falling below it. Under this, one crore people are at risk of falling below the poverty line. The World Bank said that the poor and the marginalized are likely to benefit from unexpected gains in agricultural production. But this benefit will be neutralized by persistent high inflation and limited wage growth in high-employment sectors such as construction, trade and transport.
Inflation rate is above 30%
The report said that during the first quarter of this financial year, wages of daily wage workers grew by only five percent while inflation was above 30 percent. The World Bank warned that due to rising transportation costs as well as rising living costs, the number of children not attending school is likely to increase. Also, this may delay treatment in case of illness for families who are somehow managing to survive.
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