Pakistan has seen a major fuel price hike in recent days. On August 1, 2023, the government announced an increase of Rs 19 per litre for petrol and diesel. This is the largest single increase in fuel prices in Pakistan's history.
The government has said that the price hike is necessary in the "national interest" as part of the country's commitments with the International Monetary Fund (IMF). The IMF has been pressing Pakistan to increase fuel prices in order to reduce the country's budget deficit.
The price hike has been met with widespread anger and frustration from the public. Many people have taken to social media to express their dissatisfaction with the government's decision. The opposition parties have also criticized the government, calling the price hike a "daylight robbery".
The price hike is likely to have a significant impact on the Pakistani economy. It is expected to push up inflation and make it more difficult for businesses to operate. It is also likely to lead to protests and demonstrations from the public.
The government has said that it will provide some relief to the poor by increasing the amount of money given to them under the Benazir Income Support Programme (BISP). However, it is unclear how much this will help to offset the impact of the price hike.
The price hike is a sign of the difficult economic situation that Pakistan is facing. The country is struggling to repay its debts and is facing a balance of payments crisis. The government is hoping that the IMF will provide more financial assistance to help Pakistan through this difficult period.
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