Islamabad: Pakistan has announced a major increase in the prices of petroleum products.
The Deputy Prime Minister , along with other Federal Ministers Mohammad Orangzeb and Ali Parvez Malik talked in a news conference that the prices of fuel are sky high now globally.
He said that this is all caused by the war in the Middle East.
The hike in fuel prices will have a negative imapact on our economy.
He said that the government has made an important deicision about the fuel prices.
The fuel prices will be implemented from tonight at 12:00 am.
There is an increase of 55 rupees in the prices of petrol and diesel.
The new price of petrol is now rupees 321.17 whereas the price of diesel is now 335.86 rupees.
, global petroleum prices have surged following Iran’s closure of the Strait of Hormuz amid the ongoing war involving Iran, Israel, and the United States.
As a direct consequence, Pakistan has also implemented a significant hike in domestic fuel prices.
The decision was taken in a high-level government meeting, based on recommendations from OGRA (Oil and Gas Regulatory Authority) and the Petroleum Division, leading to the official announcement of a substantial rise in oil prices.
Earlier
Government officials briefed the Prime Minister today, stating that due to intense pressure from international prices, an increase of approximately Rs 110 per litre is necessary in Pakistan.
However, the Prime Minister, in order to provide relief to the public, directed that the hike be reduced and limited to around Rs 55 to 60 per litre.
Experts warn that if fuel prices in Pakistan are not adjusted in line with global market rates, cheaper domestic fuel could lead to a significant rise in smuggling.
In such a scenario, the risk of illegal fuel transfers to Afghanistan and India would increase, potentially causing further economic losses to Pakistan.
