‘Great explosion’ of inflation in Pakistan, prices of petrol and diesel increased by 20%; Neighboring countries take refuge in IMF for the 26th time

Petrol Price In Pakistan: Pakistan’s economy is currently going through its worst phase. According to recent data, the Sensitive Price Indicator (SPI), the main index of short-term inflation in the country, has increased by 6.44 percent on an annual basis in the week ending March 11. The report of Pakistan Bureau of Statistics (PBS) shows that this index has increased by 1.89 percent compared to the previous week, which reflects the sharp rise in the prices of essential commodities for household use.

Prices of petrol, diesel and cooking gas are on fire

The biggest shock for the general public is the huge increase in fuel prices. According to the report, a weekly increase of 20.60 percent has been recorded in the prices of petrol and 19.54 percent in diesel. Along with this, the prices of LPG have also increased by 12.13 percent, which has played the biggest role in increasing inflation.

ration away from the plate

Along with fuel, the prices of food items are also skyrocketing. Within a week, onion has become costlier by 9.63 percent, banana by 1.44 percent and wheat flour by 1.28 percent. Apart from this, the prices of basic commodities like chicken, dal mash, firewood and milk have also seen an increase, due to which the budget of the common man has been completely spoiled.

Dependence on foreign aid and IMF

Pakistan’s economic condition is so critical that it is now completely dependent on external help and foreign remittances. The share of remittances in Pakistan’s GDP has reached almost 10 percent, which is equal to its total export earnings. This dependence is hiding the country’s fundamental weaknesses like closed factories, high unemployment and low production capacity.

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Statistics show that since 1958, Pakistan has participated in International Monetary Fund (IMF) programs 26 times, which is the highest for any country in the world. Under these programmes, it has so far received assistance of more than $34 billion. Even at present, the $7 billion fund program has been extended till 2025-26. Experts have warned that between 2026 and 2031, Pakistan’s crisis of debt, inflation and poverty may deepen further.