Not just Pakistan but the US also faces recorded hike in petroleum prices
What happened: Currently, Pakistan is facing a recorded hike in the prices of basic commodities. Along with this, petroleum products also faces a sudden hike as more surge is predicted in Pakistan. On the other hand, US gasoline prices averaged more than five dollars a gallon for the very first time in history.
Details: The notion of US Conspiracy toppling Khan’s government in Pakistan and then hike in petrol prices first in Pakistan and then in the US made the PTI supporters’ claim of the conspiracy more liable. However, it has no reliability in it. Dawn perfectly puts it, “High gasoline prices are a headache for President Joe Biden and congressional Democrats as they struggle to maintain their slim control of Congres with midterm elections.”
More: The major reason for fuel price hikes across the world, especially in Pakistan, is due to a “combination of rebounding demand, sanctions on oil producer Russia after it invades Ukraine and a squeeze on refining capacity,” as Dawn quotes.