Federal government announces new petrol prices across Pakistan

ISLAMABAD: The federal government has announced a massive hike in petroleum prices in the country, raising petrol prices by Rs137 per litre and high-speed diesel by Rs185 per litre, in a press conference held in the wee hours of the day.

After the increase, the new petrol prices in Pakistan will be Rs 458.40 per litre, while diesel will be Rs 520.35 per litre.

Finance Minister Muhammad Aurangzeb said that the government has announced a 3-month subsidy for motorcyclists. And a subsidy of Rs 100 per liter will be given.

The decision was jointly announced by Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervaiz Malik, who cited rising oil prices globally and the disruption in the supply of oil due to the ongoing conflict between Iran, the US, and Israel as the reasons for the massive hike.

Addressing a press conference, Petroleum Minister Ali Pervez Malik said that due to the war, there has been a shock in energy prices in the global markets. This fire has engulfed the entire world. The nation needs unity and discipline the most.

The difficult and responsible decisions that the government is going to take today should be viewed from the perspective that this government had no role in creating this storm, but this storm has engulfed the steps taken by the government for sustainable development. This matter has been worsening for a few weeks.

Ali Pervez Malik said that Pakistan gets 90 percent of its energy from the markets of Dubai and Oman. A record increase has been seen there; oil is at the highest level in history and has exceeded $250 per barrel.

Keeping this in mind, Prime Minister Shehbaz Sharif tried to become a wall in front of the people through austerity, cutting cabinet salaries, cutting government petrol, and cutting development funds to save the common man from this heat. From March 1 to today, the government has spent Rs 129 billion to protect the people.

The decision was taken after the government reviewed the recommendations made by the Oil and Gas Regulatory Authority and the Petroleum Division. The new prices will come into effect at once.

The government admitted that the decision would place an additional burden on the public but argued that the extraordinary situation globally had left little room for any subsidies. The country is heavily dependent on imported fuels, which makes it vulnerable to international oil prices, especially during periods of global tension.