Pakistan, July 17 -- In a move both expected and exasperating, the government has once again raised fuel prices, with petrol now retailing at Rs 272.15 and high-speed diesel at Rs 284.35 per litre.

The justification offered is familiar: international trends, currency depreciation, and fiscal constraints. However, scratch the surface, and a deeper, more structural story emerges, one that links decades of energy populism with policy inertia, and a price paid not just in rupees but in lost credibility.

The paradox is hard to miss. Global oil prices are stable, even marginally down compared to last year. Brent crude hovers well below the $90 mark. So why are Pakistanis paying more now than when oil touched $100? The answer lies in local fau...