Pakistan on Thursday sharply increased fuel prices for the second time in less than a month, citing rising global oil prices driven by the ongoing conflict in the Middle East.
The government announced that diesel prices will rise by 54.9 percent to 520.35 Pakistani rupees per litre, while petrol prices will increase by 42.7 percent to 458.40 rupees per litre.
Pakistan’s Petroleum Minister Ali Pervaiz Malik said the increase was unavoidable due to soaring international oil prices following tensions linked to the US-Iran conflict.
“It was inevitable to raise the prices due to the international market prices going out of control after the US-Iran war,” he said during a joint press conference with Pakistan’s finance minister, broadcast on state television.
Before the Middle East crisis, petrol prices in Pakistan were around 255–260 rupees per litre, while diesel was priced at approximately 260–265 rupees per litre.
Following the first increase earlier this month, petrol rose to around 321 rupees per litre and diesel to about 336 rupees per litre.
With the latest revision, petrol has now climbed to 458.40 rupees per litre and diesel to 520.35 rupees per litre — marking an overall increase of roughly 76 percent for petrol and about 96 percent for diesel since the start of the Middle East crisis.
The latest hike comes amid growing pressure on Pakistan’s economy, which heavily relies on imported fuel. Rising energy costs are expected to increase transportation expenses and further push inflation higher.
Analysts warn that continued instability in the Middle East could lead to further price increases if global oil markets remain volatile..(Newswire)