Pakistan on Wednesday night have increased the prices of petrol to a new high of PKR 272 per litre, while diesel price has been hiked by PKR 17.20 to PKR 280 per litre.

The petrol price has been increased to 272 rupees per litre after an increase of 22.20 rupees, a press release from the Finance Ministry said.

The price of high-speed diesel has been increased to 280 rupees per litre after a hike of 17.20 rupees. Kerosene oil will now be available at 202.73 rupees per litre following a 12.90 rupees hike. Meanwhile, light diesel oil will be available at 196.68 rupees per litre after an increase of 9.68 rupees.

Senior economist Katrina Ell, associated with Moody’s Analytics, had predicted that inflation in Pakistan could average 33 per cent in the first half of 2023 before trending lower, and a bailout from the IMF alone is unlikely to put the economy back on track, reported Geo News.

Pakistan on Wednesday has proposed a finance bill before the parliament, where they proposed to raise the good and services tax (GST) to 18 percent from 17 percent in connection with the Finance (Supplementary) Bill 2023.