Pakistan has increased the prices of petrol and diesel by Rs55 per litre, as global oil markets react to rising tensions linked to the war involving Iran.
According to a statement made by the Federal Petroleum Minister, the new fuel prices have raised till Rs55 per litre for both petrol and diesel.
The new prices will be in effect starting after 12:00am, immediately across the country.
If calculated, the new petrol price will be Rs321 per litre, reflecting the pressure from higher international oil prices.
Government officials proposed to Prime Minister (PM) Shehbaz Sharif to increase the fuel price by Rs110 per litre, as the increase was necessary due to global price pressure.
However, PM Shehbaz gave relief to the public by directing that the increase should be reduced and limited to about Rs55 to 60 per litre.
According to experts, if prices in Pakistan are not adjusted according to the global market, smuggling may increase due to cheap fuel.
In such a case, the risk of fuel being illegally diverted to Afghanistan and India increases, which may cause further economic loss to Pakistan.
New petrol price announced by Pakistan govt
After an increase of Rs55 per litre, the new price of petrol will be Rs 321.17 per litre.
The revised petrol price has come into effect following the government’s latest decision on fuel rates.
The new price of diesel has been set at Rs335.86 per litre after the increase.
The revised diesel rate will apply nationwide from today under the updated petroleum pricing.
Govt considers weekly price adjustments
The government of Pakistan is also considering weekly revisions of petroleum prices instead of the current system of periodic adjustments.
According to reports, PM has approved the proposal for this, and the Economic Coordination Committee (ECC) will review the plan before the federal cabinet gives final approval.
Officials say the move could help authorities respond more quickly to changes in global oil markets.
PM Shehbaz Sharif said Pakistan currently has sufficient fuel reserves and urged the public not to panic.
Finance Minister Muhammad Aurangzeb also told officials that there is no shortage of petroleum products in the country.
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