Petrol Price increases by Rs 272 per litre in Pakistan, IMF conditions increased difficulties, worse days ahead
Pakistani Economy: The economy of Pakistan has completely collapsed. Inflation is creating a new record everyday. The prices of daily essential items like milk, vegetables are skyrocketing. All the hopes of Pakistan rest on the loan from the International Monetary Fund.
Manika Raghuvanshi 
However, in lieu of this, the IMF has put very strict conditions. Its effect has also started showing. In Pakistan, the price of petrol has increased by Rs 22 per liter in a single day. At the same time, difficulties are going to increase even more in the coming days.
The price of petrol is Rs 272 per litre
Pakistan's newspaper The Express Tribune quoted the Pakistan Finance Ministry as saying that the reason for the rising prices of petrol and diesel is the weakening of the Pakistani rupee against the dollar. According to the Finance Ministry, the government has also increased the price of kerosene oil by Rs 12.90 per liter and that of light diesel oil by Rs 9.68 per litre. After this increase, the price of petrol per liter in Pakistan has reached Rs 272. At the same time, there is a shortage of CNG in the country. CNG is not available in the market.
Finance minister presented mini budget
Pakistan's Finance Minister Ishaq Dar has introduced the Finance (Supplementary) Bill 2023 in the National Assembly, the country's parliament. It is also being called mini budget. The government wants to earn an additional revenue of 170 billion Pakistani rupees through this. In this, the rate of GST has been increased from 17 percent to 18 percent in many products. There is a proposal to increase the rate of GST on luxury items to 25 percent. There is a proposal to increase the sales tax on things like perfume, laptop, LED TV, LCD TV, smartphone, iPad to 18 percent. The objective of this budget is to get the bailout package of the IMF.
Inflation rate can reach 33 percent
In February, the inflation rate in Pakistan has reached 24.5 percent. According to Moody's Analytics Senior Economist Katrina L in a conversation with Reuters, the inflation rate could reach 33 per cent by the first half i.e. June. According to Katrina L, Pakistan's economy is only supported by the IMF's relief package, but only the relief package is not enough. Pakistan needs a strong economic management.
Let us tell you that the IMF team was in Pakistan from January 31 to February 10. The long talks which lasted for 10 days remained inconclusive and no agreement was signed.
