When Pakistan is facing severe financial strains and rotten economy with no industries to support or to improve the economy, the country is encountered with a bigger financial blow. The price of the high-Octane oil is increased by 200%, from 100 PKR to 300 PKR, as per ARY News.
Pakistani Prime Minister approved the official hike-up on high-Octane. The statement came soon after he met senior Ministers on an emergency meeting and the decision was made based on the Pakistani Ministers and bureaucrats. The Prime Minister also added the kike-up in the oil will not impact transport fares and air travel costs.
Minister for Law and Justice, Azim Nazir Tarar, Finance Minister, Muhammad Aurangzeb, Minister for Information and broadcasting, Attaullah Tarar and the Minister for Petroleum, Pervaiz Mallik, were few of the main cabinet members who assisted the PM to take decision.
The Pakistan Government on March 6th had initially hiked up the oil price from PKR 55 per litre.
The official announcement was made by Petroleum Minister Pervaiz Mallik with Muhammad Aurngzeb in a press conference. The final price for the Pakistani public from March 22nd, will stand at staggering PKR 321.17 for petrol and the Diesel will be 335.86 per litre.
Despite the PM’s claim, the domestic air ticket has gone up from PKR 2,800 to PKR 5000, and international travelling has seen more significant jump from PKR 10,000 to PKR 28,000.
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Pakistan’s economy is at stake and the future is not looking very promising.