Pakistan's government has implemented a record-breaking fuel price hike of PKR 55 per litre, amidst the ongoing Middle East conflict. The decision was made overnight, with petroleum minister Ali Pervaiz Malik, deputy prime minister Ishaq Dar, and finance minister Muhammad Aurangzeb announcing the increase at a press conference.
The ex-depot price of high-speed diesel has been set at PKR 335.86 per litre, a 20% increase from PKR 280.86 per litre, while the ex-depot price of petrol has been revised to PKR 321.17 per litre, a 17% increase from PKR 266.17 per litre.
The price hike is attributed to the uncertainty created by the Middle East conflict, which has disrupted global energy supply and prices. Petroleum minister Malik stated that the government is monitoring the supply side and warned of strict action against hoarding and artificial shortages of petroleum products.
The government has assured that prices will be reduced as soon as the situation in the international market improves, with two Pakistani oil vessels expected to arrive through alternative routes.
The government will now review petroleum prices on a weekly basis in view of the volatile international market.
