Due to the increase in oil prices, the rate of inflation as measured by Sensitive Price Index (SPI) in Pakistan increased by 3.38% from the previous week.
The data was released by the Pakistan Bureau of Statistics (PBS). The increase in weekly inflation is the highest since the change in the base year to measure the SPI, Dawn reported. Pakistan’s former finance minister Shaukat Tarin blamed the Imran Khan-led Pakistani government’s Tahreek-i-Insaf deal with the IMF for the price hike.
“Despite increasing petrol/diesel prices by Rs84/115 per litre, electricity/electricity prices by 50pc, you have not been able to satisfy the IMF. latest economic survey released by your government validates our strong economic performance, so stop blaming us and improve your government’s performance,” he tweeted.
In another tweet, he posted a graph of the basic monthly budget of a family of four which has risen to nearly 13,000 rupees since March 31, 2022, Dawn reported.
“The increase in petrol/diesel/electricity prices so far has had an impact on households. I don’t know how they are going to deal with this tsunami of inflation and coming.
“I worry how a poor man in Pakistan will survive in this situation,” he added.
Tarin predicted that annual inflation would be in the range of 25% to 30%.
Notably, petrol and diesel prices were increased by Rs84 and Rs115 per litre, respectively, while electricity tariffs were increased by 50%.
During the week under review, the year-over-year increase in the SPI was 27.82%.
After the country’s finance minister, Miftah Ismail, announced an increase in fuel prices on Wednesday, saying the decision was to reduce the budget deficit and restart support for loans from the International Monetary Fund (IMF), rallies of protest and dharnas were organized in some areas. Sindh, unhappy with rising fuel prices.
Protesters said a rise in the price of petrol would only lead to higher inflation, making life for the lower strata more miserable. Protesters also threatened to escalate the unrest if steps were not taken to control the runaway inflation, Pakistani vernacular media reported.
Prices for high-speed diesel (HSD), gasoline, kerosene and light diesel (LDO) have increased by 83%, 56%, 73% and 68.4% respectively since May 26.
On Wednesday, Ismail announced that the ex-depot price of high-speed diesel (HSD) has been set at PKR 263.31 per litre, jumping 83% since May 26 from PKR 144.15 per litre.
Petrol prices have risen from PKR 209.86 per liter to PKR 233.79, increasing by 56% from PKR 149.86 per liter before May 27.
The price of kerosene was set at PKR 211.43 per litre, jumping 73% since May 26 from PKR 118.31 per litre.
In addition, the ex-depot price of light diesel was set at PKR 207.4 per litre, up 68.5% from PKR 125.56 per liter in May.
Ever since the Shehbaz Sharif government came to power in Pakistan, daily necessities are becoming expensive and out of reach for the common man due to recent hikes in petrol prices and fuel tariffs. electricity, local media said. The Russian-Ukrainian war has also fueled inflation globally, leaving the Pakistani people in dire straits.
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