In a world of modern economies, petrol price has long been a subject of big concern. In oil-dependent countries like Pakistan, there appears to be no end to the tales of woe and misery. Every time fluctuating petrol prices not only shatter the local businesses but also potentially push more families into financial distress.

It’s been a series of months; already vulnerable masses of Pakistan are bearing the brunt of back-to-back surges in fuel prices. Surprisingly enough, every new hike in petrol price comes at a historic high, setting a spot on the podium. In a recent update on August 15, the new Kakar-led interim government increased petrol price by Rs. 17.45, taking it to the new high of Rs. 290.45.

Glance Back of Previous Records

Earlier in August 2019, the highest petrol price was Rs. 117.83 per litre. But next year, in April 2020 corona-induced lockdown unleashed a hefty blow to oil prices in international markets which in turn allowed the then PTI-led government to bring the petrol prices down by a whopping Rs. 15 per litre resulting in a new price of Rs. 81.58 against the old rate of Rs. 96.58 per litre.

After undergoing periods of volatility, in July 2021, the fresh crude shock took the price of petrol to Rs. 118.9 per litre, setting another record in the country’s history, and the reason was an uptick in the international rate.

Another update regarding fuel prices came in October 2021 when the PTI-led government increased petrol prices by Rs. 10.49 with the revised price of Rs. 137.79 – another record in the series.

Next month in November 2021, the government jacked up the prices by Rs. 8.03 per litre, taking the new price of petrol to a fresh record of Rs. 145.82 per litre. And again, the government held the global surge responsible for the price jump.

Roller Coaster Ride

It is pertinent to mention that the PTI-led government left no stone unturned to ensure that the petrol price doesn’t cross the red line of Rs. 150. Later on, the PDM coalition government, in the face of their ill-conceived economic strategies, was left with no choice but to announce back-to-back price hikes of Rs. 30 and then Rs. 24, respectively, taking the price to Rs. 234 per litre.

Afterward, the then finance minister Ishaq Dar never looked back and kept on multiplying petrol prices while increasing the miseries of the fixed and low-income households. Multiple hikes came with new records of Rs. 267/litre, 272/litre, and 282/litre.

On July 15, 2023, the government announced a significant reduction of Rs. 9 per litre. Intriguingly, the relief lasted only for 2 weeks and after that PDM-led government concluded their tenure with a new surge of Rs. 19.95 per litre. Following the footprints of previous ones, the newly-welcomed interim government got the new honor of pushing the petrol price to a new historic high of Rs. 290.45, which the country had never witnessed earlier.

The roller coaster ride of July 2023 serves as a stark reminder of the interconnectedness of economic policies and governance witnessed during the PDM-led government’s short tenure. The nation witnessed firsthand the ripple effects of abrupt changes in fuel prices, underscoring the need for a comprehensive and sustainable approach to managing energy costs.