Pakistan has drastically hiked fuel prices this week, despite playing a mediation role in the ongoing US-Iran war. The energy crisis continues to reverberate across continents, with Islamabad procuring most of its crude oil from Dubai and Oman markets, where oil prices have reached record highs due to the war.
Petroleum minister Ali Pervaiz Malik raised petrol prices by PKR 137.24 ( ₹45.6 or $0.49) to PKR 378 per litre ( ₹152.6 or $1.65), a hike of 43 per cent, while diesel prices were raised by PKR 184.49 per litre ( ₹61.42 or $0.66) to PKR 520.35 per litre ( ₹173.23 or $1.87), a rise of 55 per cent.
The government also announced a hike of PKR 34, to 457.80 per litre, in kerosene prices, at the same time offering a subsidy on two-wheelers. The move to raise fuel prices was met with immediate protests from residents in several cities, including Rawalpindi and Islamabad, following which Pakistan Prime Minister Shehbaz Sharif announced slashing the petrol price.
The revised rate for petrol was PKR 378 per litre, down from the hiked PKR 458.41 per litre. The Pakistani government has also announced relief measures, including a subsidy of PKR 100 per litre for motorcycle users, PKR 70,000 to 80,000 to goods transport vehicles, and PKR 1,00,000 to passenger vehicles.
