Pakistan Hikes Petrol and Diesel Prices Sharply, Introduces Targeted Subsidies
Islamabad: The government of Pakistan announced a significant increase in fuel prices, raising petrol by Rs. 137.23 per liter to Rs. 458.40 and diesel by Rs. 184.49 per liter to Rs. 520.35, amid rising global crude oil prices and regional economic pressures.
In a joint press conference, Petroleum Minister Ali Parvez Malik and Finance Minister Muhammad Aurangzeb explained that the decision comes after months of escalating oil prices in the international market, with diesel reaching over $250 per barrel. The ministers emphasized that the government had exhausted measures to shield the public but global factors, including tensions in the Gulf region and limited strategic reserves, made a price adjustment unavoidable.
Ali Parvez Malik stated that previous subsidies were broad-based, but moving forward, the government will focus on targeted relief for vulnerable groups. Measures include a Rs. 100 per liter subsidy on 20 liters of petrol per month for motorcyclists, Rs. 100 per liter diesel subsidy for intercity public transport, and monthly fuel support of Rs. 70,000 for trucks and goods transport. Subsidies will also be extended to the railway sector to help stabilize fares.
The price hikes are set to take effect from tomorrow, with the government urging citizens to understand that the increase is a response to global market conditions rather than domestic policy failures.
