Monday, December 4, 2023

Many Petrol Pumps Not Providing Fuel After Massive Price Hike in Pakistan

After Finance Minister Ishaq Dar announced a big increase in petroleum prices in Pakistan, many petrol pumps are reportedly not selling fuel to customers. This price hike has made consumers worried and frustrated.

The decision to raise the prices of High-Speed Diesel (HSD) and petrol was said to be in the country’s best interest because of the recent rise in international oil prices. The government tried to find ways to reduce the increase, but they had to follow commitments with the International Monetary Fund (IMF) regarding the petroleum levy, leaving them with limited options and resulting in the full increase.

Prime Minister Shehbaz Sharif was consulted about the decision, and although he approved it, it seemed like he did so reluctantly because of the country’s agreement with the IMF.

Earlier this month, fuel pump owners had gone on strike asking for higher profit margins, and the government agreed to a small increase. However, the final increase in petroleum prices was more than expected, affecting consumers significantly, and some petrol pumps are now not providing fuel to customers.

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