The country’s already vulnerable inflation-stricken masses are not the only affectees but now business executives also started feeling the heat of recent fuel price hike series. Business leaders have expressed concerns that the significant rise in petroleum product prices will worsen the already unprecedented inflation, deteriorate the living conditions of the average citizen, and amplify industry-wide challenges arising from excessively high business operational costs.

They have voiced their criticism towards the interim government, citing its failure to adjust petroleum prices despite the declining landing costs of imported crude, driven by the continuous strengthening of the rupee against the dollar over the past eight interbank sessions, even in the face of rising global crude oil prices.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh has reiterated that apex chamber has raised the concerns to promptly address the prevailing issue regarding the import of Russian crude oil, handling of oil cargoes in conjunction with oil refining process and streamlining commercial payment processes for oil transactions.

If the authorities had heeded the advice of the FPCCI, the nation could presently possess a larger supply of Russian crude oil, which is 40% more affordable than the current options in the international markets. However, the authorities opted not to take action based on this counsel.

Fuel Price Hike Strikes a New High

On September 15th, 2023, the Kakar-led interim government increased the petrol price by a staggering Rs. 26.02 per liter. This latest adjustment means that petrol now costs Rs. 331.38 per liter, up from Rs. 305.36. Simultaneously, the price of high-speed diesel (HSD) experienced a significant jump of Rs. 17.34 per liter, reaching Rs.329.18 from its previous price of Rs. 311.84.

What do you think about recent jump in petrol prices. Share your thoughts in the comments section. Fuel Price Hikes