The concept of One Dollar Shop is already spread across the country and are famous for the daily household items at the same price, i.e., dollar rate against the PKR. But now there is a new One Dollar Shop in the house – the petrol pumps and reason, you may ask? It is quite simple: the US dollar rate and per liter of petrol are almost the same, i.e., Rs. 306. On the one hand, the petrol price has reached a historic high due to IMF conditions, hiked Petroleum Development Levy (PDL), and not-so-surprisingly, the dollar rate; meanwhile, the dollar is winning the race against PKR due to unstable economic and political condition in the country. 

Is There a Relief in Sight? 

The answer to this vital question is No! Because the situation in Pakistan seems to get more and more volatile with every passing day. The caretaker government could not control the USD rate, especially in the open market. According to the IMF, the difference between interbank and open market rate should be 1.75%, but currently, it is at around 7%. And with this constant flight of the dollar, the petrol price in Pakistan will likely be a passenger of this long haul. And the people of this country don’t have any choice except to fasten their seatbelts tighter and brace for the impact(s). 

According to market experts and reports, the petrol price in Pakistan will further go up in the coming days, even though one liter has already completed a triple century. Until there is a stable government in Pakistan and concrete economic policies, the situation will remain the same, and time is running out. 

So, the authorities need to sit down and make major decisions for the stability in Pakistan, or else we could have a new Two Dollar Shop instead of a One Dollar Shop. 

Current Petrol Price in Pakistan 

Petrol price in Pakistan was increased by Rs. 14.91 per liter by the government of Pakistan on August 31, 2023. After the latest hike, the new petrol price is Rs. 305.36 compared to Rs. 290.45. Meanwhile, the high-speed diesel price (HSD) saw a jump of Rs. 18.44/liter, taking the price to Rs. 311.84 from Rs. 293.40.

Meanwhile, Petroleum Development Levy (PDL), which was expected to see a rise, like every other commodity and tax, and this is precisely what the caretaker government did. As tweeted by business reporter Shahbaz Rana, the government has ” increased the tax on petrol to the maximum of Rs60 per liter.

What do you think about this new One Dollar Shop in Pakistan? Please share your concerns with us in the comments section.