India's neighbor sri lanka is currently in bankruptcy and is in talks with the IMF as a last resort. If these talks fail, saving sri lanka will be a huge debt. While all countries have been affected by the rise in crude oil prices, countries like India, pakistan, and sri lanka, which depend on crude oil imports, have been hit the hardest. In this situation countries like pakistan which are in economic and trade recession are facing a greater impact.
Shahbaz Sharif has been sworn in as Pakistan's new prime minister amid a series of problems. In this situation, Shahbaz Sharif has decided to place a new burden of $ 30 billion on the crude oil refining companies of the country. The government can only bear the brunt of rising international crude oil prices, and all the additional burden will fall on the people. Everyone knows this. Pakistan's state oil and gas companies are already indebted to the tune of $ 30 billion for failing to raise petrol and diesel prices to maintain power in Pakistan.
The newly-appointed Pakistani prime minister Shahbaz Sharif has refused to raise prices, following a proposal for a price hike. This has created an additional $ 30 billion burden on the country's oil companies, forcing them to bear a $ 60 billion burden. The oil and Gas Regulatory Commission of pakistan (OGRA) has recommended a hike of Rs 51.32 per liter (35.7 percent) on diesel, Rs 21.30 per liter (14.2 percent) on petrol, and Rs 36.03 per liter (28.7 percent) on kerosene. Similarly, light diesel oil (LDO) has been hiked to Rs 38.89 (39.9 percent) per liter.
As a new burden on the Pakistani people facing economic and trade impacts, the sharif has allowed power supply companies to charge higher fees to consumers. It seems to have refused to raise fuel prices at present.
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