Petrol, Diesel Prices In Crisis-Hit Pakistan Cross Rs 300-Mark

The prices of petrol and diesel in Pakistan have crossed Rs 300 mark for the first time in the nation's history.

As Pakistan lurches from one crisis to another, the finance ministry last evening announced that the price for petrol has been increased by Rs 14.91, high-speed diesel (HSD) price by Rs 18.44.

While the price of petrol now stands at Rs 305.36, the diesel price has reached Rs 311.84.

Pakistan has been facing its worst economic crisis in decades. Recent economic reforms have led to historic levels of inflation and high interest rates, putting pressure on ordinary people and businesses.

The constant devaluation of the Pakistani rupee has compelled the central bank to raise the interest rates. The country's currency is trading at a record low of 305.6 per US dollar, compared to the previous close of 304.4 on Tuesday.

The country swore in a caretaker cabinet under interim Prime Minister Anwaar-ul-Haq Kakar last month, tasking it with running the country until fresh elections - which may be delayed beyond November

The caretaker cabinet's top job will be to lead Pakistan towards economic stabilisation, with the $350 billion economy treading a narrow recovery path after getting a last minute $3 billion bailout deal from the International Monetary Fund.