Islamabad

Pakistan Prime Minister Imran Khan will address his nation on Monday over the impact of the Russia-Ukraine conflict on the current economic crisis of Pakistan.

The development comes amid news of another possible increase in petrol prices, local media reported on Sunday. Experts believe petroleum products may see another hike between Rs 8 and Rs 12 after the price of crude oil hit over $100 a barrel for the first time since 2014. Earlier this month, the Imran Khan government had dropped a "petrol bomb" on the masses by increasing the prices of petroleum products by up to Rs 12.03 per litre.

The Russia-Ukraine conflict has also fanned concerns over supplies of key commodities including wheat and metals in an already struggling economy.

On Thursday, the State Bank of Pakistan (SBP) released data showing that Pakistan's Current Account Deficit (CAD) rose to an all-time high of $2.56 billion in the month of January 2022.

At the same time, Pakistan's debt and liabilities hit an all-time high of Rs 51.724 trillion in December 2021 with external debt rising by a staggering 20 per cent during the first half of the current fiscal (2021-22).

The Imran Khan government has been facing criticism from both the opposition and citizens over the record increase in oil prices as well as the dependency of his government on loans and bailouts.