The Pakistani Rupee (PKR) saw a historic decline against the US Dollar (USD), reaching an all-time low of Rs. 262.60 on January 27, 2023. As a result, the Federal Government is anticipated to raise gasoline prices in Pakistan during the following two weeks beginning on February 1.
Faraz-ur-Rehman, the president of the Korangi Association of Trade and Industry (KATI), reportedly expressed concern that the price of gasoline would reach Rs. 300 soon. Additionally, the government plans to impose additional taxes and levies on these goods, which could result in a further increase in Pakistan’s petrol prices.
According to demands made by the International Monetary Fund (IMF) to resurrect the Extended Fund, the government intends to enact extra levies to raise more money.
In addition, the weakening of the Pakistani Rupee (PKR) versus the US Dollar (USD) and the rising price of gasoline in Pakistan would lead to a wave of price increases throughout the nation, increasing the cost of basic necessities for an already struggling populace.
