The global fuel crisis and ongoing Iran-US war have taken a toll on Pakistan, with fuel prices surging as the country attempts to manage the impact of the global crude shock.
According to Reuters, diesel prices will rise by 54.9% to 520.35 PKR per litre, while petrol prices will increase by 42.7% to 458.40 PKR per litre.
Pakistan's petroleum minister, Ali Pervaiz Malik, said the price hike was inevitable due to international market prices going out of control after the US-Iran war.
To soften the blow, Pakistan has increased the levy on petrol to 160 PKR per litre from 105 PKR and reduced it to zero on diesel from 55 PKR.
This is the second hike in petrol and diesel prices in less than a month, indicating the impact of the West Asia conflict on Pakistan.
Pakistan is heavily reliant on the Strait of Hormuz for its oil supply and imports energy mainly from Saudi Arabia and the UAE.
With the key waterway blocked and oil prices surging, Pakistan is feeling the heat.
Pakistan offered to mediate negotiations between Iran and the US, but there has been little to no development since.
