The government of Pakistan has announced a sharp increase in petroleum product prices, raising the rates of petrol and diesel by Rs55 per litre due to the ongoing regional situation and rising global fuel prices.
The announcement was made during a press conference in Islamabad by Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Petroleum Minister Ali Pervaiz Malik.
Speaking at the briefing, Ishaq Dar said the region is facing a war-like situation, which has pushed petroleum prices sharply upward in international markets.
He added that Shehbaz Sharif is deeply concerned about the situation and personally chaired a meeting earlier in the day to review the matter.
Dar said the government had to carefully assess how much the prices should be increased in order to find a balanced solution.
He also noted that Pakistan has been in contact with foreign ministers of several countries as part of diplomatic efforts aimed at reducing regional tensions.
“The prime minister and the field marshal are also in contact with their counterparts in different countries,” he said, adding that authorities are reviewing the situation daily as global petroleum prices continue to surge.
Petroleum Minister Ali Pervaiz Malik said the country is currently going through extraordinary circumstances, as the situation in neighbouring regions has affected the entire area.
He stated that the government had already increased national fuel reserves in anticipation of potential supply disruptions and is working to manage the situation with a strategic approach.
The minister said the decision to increase fuel prices was difficult but necessary, adding that prices would be reduced quickly once the situation improves. He also confirmed that the government will now review petroleum prices on a weekly basis.
Following the increase, the new price of petrol has been set at Rs321.17 per litre, while diesel will now cost Rs335.86 per litre.
