Fuel flies off the charts: Unprecedented surge breaks all records

Unlike previous increases, fuel prices now soaring in double digits

ISLAMABAD:

In a year plagued by economic challenges, the prices of petroleum products in the country have witnessed an unprecedented surge, reaching record-breaking figures with the costs now growing in double digits, a stark contrast to the single-digit increases observed previously.

Over the past year, the price of petroleum products has escalated by an astonishing Rs95 per litre. Shockingly, the caretaker government, which has only been in power for a month, has contributed to this surge by increasing prices by an additional Rs41 per litre.

This sudden spike has shocked the nation already reeling under unabated inflation, as both petrol and diesel have hit an all-time high of Rs331 and Rs329 per litre, respectively.

When Sharif assumed office on April 11, 2022, the price of petrol per litre stood at Rs144.15. During the PDM regime, the cost soared to an alarming Rs272.95.

Similarly, diesel witnessed an increase from Rs118 to Rs273 during Shehbaz’s time as prime minister. It is noteworthy that during Shehbaz’s regime, the price of diesel soared by an astounding Rs154 per litre, while petrol experienced a staggering increase of Rs127 per litre.

The trend continued after the caretaker government assumed power. Within a mere one-month tenure, the prices of petroleum products witnessed a rapid escalation.The petrol rates saw an alarming rise of Rs58 per litre, while diesel experienced a significant increase of Rs56 per litre.

Within a day of the caretaker government taking the helm on August 16, petrol prices surged by Rs17.5, with diesel prices following suit with an increase of Rs20. This sudden spike propelled petrol costs to Rs291.45 from Rs272.95, while high-speed diesel saw a rise from Rs273.40 to Rs293.40.

On September 1, just fifteen days after the caretaker government's tenure began, petrol prices experienced an additional increase of Rs14.91 per litre, while diesel prices went up by Rs18.44. As a result, petrol was priced at Rs305.36, and diesel peaked at Rs311.84.

Later, petroleum product prices experienced a second round of increases within the span of a single month with petrol seeing an unprecedented increase of Rs26.20, and diesel climbing by Rs17.34.

With this latest surge, petrol prices reached a historic high of Rs331.38 per litre, while diesel reached an unsettling level of Rs329.18 per litre.