ISLAMABAD: The government has announced an increase in the prices of petroleum products. Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Orangaizab, and Petroleum Minister Ali Pervaiz Malik held a press conference to discuss the decision.
Ishaq Dar stated that due to the ongoing regional conflict, fuel prices are soaring, and Prime Minister Shehbaz Sharif is deeply concerned. He mentioned that the Prime Minister held a meeting today to review the situation and that discussions are ongoing to determine the extent of the price hike. The government is working to strike a balance and has reached out to foreign ministers of other countries to collectively reduce regional tensions. He added that efforts are underway to see how long it will take to ease the conflict, with the Prime Minister and Field Marshal in contact with their counterparts from other nations.
Dar emphasized that five days have passed since the escalation, with daily reviews revealing significant increases in fuel prices. He announced that the hike in petroleum product prices will take effect tonight.
Petroleum Minister Ali Pervaiz Malik acknowledged that the country is experiencing extraordinary circumstances, with regional developments affecting the entire area. He stated that Pakistan had increased its reserves accordingly and is handling the situation with caution and strategic planning.
Malik confirmed that the difficult decision to raise fuel prices had been made, with petrol and diesel prices increased by 55 rupees per liter. He assured that once the situation improves, prices will be reduced promptly. The government will also review fuel prices weekly.
Following the increase, the new price of petrol is set at 321.17 rupees per liter, and diesel will now cost 335.86 rupees per liter.
