The government has announced an increase of Rs.55 per liter in petrol and diesel prices
Irfan Ali
Islamabad: The government has announced an increase of Rs.55 per liter in petrol and diesel prices. Deputy Prime Minister Ishaq Dar stated that due to the tense regional situation and the recent attack on Iran, global oil prices have surged sharply, forcing the government to take this difficult decision.
He added that, on the instructions of Prime Minister Shehbaz Sharif, a committee has been formed to review petroleum product prices and minimize the burden on the public. Dar further said that Pakistan is in contact with various countries to ease regional tensions.
Finance Minister Muhammad Aurangzeb emphasized that energy and the economy are closely linked, and global prices are rising on a daily basis. He noted that Pakistan is currently in a relatively stable macroeconomic position.
Minister for Petroleum Ali Pervez Malik explained that on March 1, petrol was priced at $78 per barrel and diesel at $88 per barrel, but both have now risen significantly. He assured that efforts are being made to ensure fuel supply and that prices will be brought back to their previous levels once the situation improves.
The new prices will take effect from midnight tonight.
