Petrol prices in Pakistan hit record high after PKR 14 hike

WEB DESK: The federal government has announced a significant increase in the prices of petroleum products, pushing the cost of motor spirit (petrol) to an unprecedented level of PKR 414.78 per liter.

In a late-night notification issued by the Finance Division, the price of petrol was hiked by PKR 14 per liter, effective immediately, according to Business Recorder.

The adjustment follows a fortnightly review aimed at aligning domestic fuel costs with volatile international market trends and currency fluctuations.

This latest surge is expected to pile further pressure on the country’s inflation-weary public, as transport costs and the prices of essential commodities are likely to follow suit.

Economic fallout and public concern

The sharp rise comes at a delicate time for the national economy, as the government continues to navigate stringent fiscal reforms.

While officials cite the rising cost of Brent crude globally and the necessity of maintaining price parity, the move has sparked immediate concern among commuters and business owners.

Industry analysts warn that the double-digit hike will have a “snowball effect” on the supply chain, potentially driving up the Consumer Price Index (CPI) in the coming month.

For the average citizen, the psychological and financial barrier of crossing the 400-rupee mark represents a daunting new chapter in the country’s ongoing cost-of-living crisis.