The Federal Government is expected to increase Petrol Prices in Pakistan during the next fortnight from 1 February 2023 after Pakistani Rupee (PKR) witness a record fall against the US Dollar (USD) as it reached an all time low of Rs. 262.60 on 27 January 2023.
As per Dawn, the Korangi Association of Trade and Industry (KATI) President, Faraz-ur-Rehman feared the Petrol Prices may touch Rs. 300 in the near future. Furthermore, the Petrol Prices in Pakistan may see a further rise as the Government is planning to slap more taxes and levy on these commodities.
The Government is planning to introduce additional taxes to generate more income as per demands put in place by the International Monetary Fund (IMF) to revive the Extended Fund Facility (EFF), which has been stalled for the past few months.
Furthermore, the decline of Pakistani Rupee (PKR) against the US Dollar (USD) coupled with rise in Petrol Prices in Pakistan will trigger a wave of price hikes in the country, which is going to make basic commodities more expensive for the already burdened population.
Read more: Dollar Rate in Pakistan (Daily Updates).
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