Govt jacks up petrol price by Rs137.23 per litre, takes price to Rs458.40

The federal government, in a surprising move, on Thursday announced a massive increase in petroleum product prices, in line with the ongoing Middle East conflict and rising global oil prices.

Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, addressing a press conference, said the petrol price in Pakistan was being hiked to Rs458.40 per litre and that of high-speed diesel to Rs520.35 per litre.

"The new petrol price has been fixed at Rs458.40 per litre, marking a rise of Rs137.23 per litre. Diesel will now cost Rs520.35 per litre, up by Rs184.49 per litre,” announced the minister.

Earlier, Prime Minister Shehbaz Sharif launched a wide-ranging austerity and fuel conservation plan and initially announced a sharp increase of Rs55 per litre in the price of petrol and diesel on March 6.

However, the federal government kept the petrol price in Pakistan steady in the previous three weekly reviews, taking all the pressure on itself and providing subsidy to citizens. 

Addressing the presser earlier today, Malik said the situation in the region has made the global economy difficult. He noted the government’s efforts to shield the public, saying, “We have made every effort to ensure that the burden does not fall on the people through austerity and spending cuts.”

Referring to the global oil market, the minister said: “For several weeks, the situation has been worsening. Crude oil prices have reached record levels, with diesel in the international market rising above $250 per barrel.”

On subsidy adjustments, the petroleum minister said that a major meeting was held with the premier and chief ministers (CMs), and it was decided that blanket subsidies may no longer protect the citizens from global price increases. Instead, assistance will focus on vulnerable groups.

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