The recent price hike was due to the Iran conflict and Middle East tensions, which led to a 20% increase in fuel prices. Prior to this reduction, petrol prices had surged to Rs321.17 per liter, while diesel prices reached Rs335.86 per liter.
Prices of oil and other commodities are continuously increasing in Pakistan, but there hasn’t been a significant increase in people’s incomes, which has stalled many lives.
Pakistan’s Prime Minister Shehbaz Sharif has announced a reduction of Rs80 in the special government levy on petrol, bringing the new price of one liter of petrol in Pakistan to Rs378.
It is worth mentioning that last night, the levy on petrol increased from Rs105 to Rs160, but now it’s decreased by Rs80, meaning there’s still a special tax of eighty rupees on each liter of petrol.
On Friday night, in his address to Pakistanis, Prime Minister Shehbaz Sharif announced, “I immediately announce a reduction of Rs80 in petrol price.” The price of one liter of petrol, which had risen to Rs458, will now be Rs378 per liter, effective from midnight tonight.
Last night, Pakistan’s federal ministers announced a hike of Rs137.23 per liter in petrol and Rs184.49 per liter in diesel prices at a press conference. After the increase, the price of petrol in Pakistan reached Rs458.41 per liter, which has now dropped by Rs80 on Friday. Meanwhile, the price of diesel was set at Rs520.35 per liter, which has been maintained.
The government in Pakistan has recently increased fuel prices for the second time in the last month, leading to an all-time high in petroleum product (petrol and diesel) prices in the country.
The Pakistani government has attributed this scarcity to the ongoing conflict in the Middle East and the continuous increase in oil prices in international markets.
On Friday night, Federal Minister for Petroleum Affairs, Ali Pervaiz Malik, and Finance Minister Muhammad Aurangzeb announced an increase in the price of petrol by Rs. 137.23 per liter and diesel by Rs. 184.49 per liter at a press conference. The new prices came into effect on Friday, surprising many people.
After the increase in oil prices, the price of one liter of petrol in Pakistan has reached 458 rupees and 41 paisa, and the price of diesel has gone up to 520 rupees and 35 paisas.
It is worth noting that since the start of the Iran war, the federal government of Pakistan has increased fuel prices twice in the past month. Earlier, on March 4th, the price of petrol and diesel had increased by Rs55-55.
The price of petrol in Pakistan has increased by 77 percent (i.e., Rs 192.23) and diesel by 87 percent (i.e., Rs 239.49) in the last one month.
It is worth noting that the supply of oil and gas through the Strait of Hormuz has been largely halted due to the ongoing tensions between Iran, the United States, and Israel, which has led to a dramatic increase in global energy prices.
Last night, amidst the announcement of a huge increase in oil prices, Ali Parvez Malik said, referring to the Iran war, that the Pakistan government “has limited resources and the situation doesn’t seem to be ending in a war right now.”
The Pakistani Finance Minister said at a press conference, “We have limited resources and we can only go so far (in giving concessions).”
He added that the government will consider subsidies for motorcycles, urban transport, goods transport trucks and trains in the fuel price hike and this matter will be reviewed weekly.
On other side, Pakistan is extracting oil from its flagged vessels in the Strait of Hormuz and exporting it to the world, while providing petrol and diesel to its people at a higher
By- Laiba Yousafzai
