Government Announces Rs55 per Litre Increase in Diesel and Petrol Prices
Islamabad (Web News )
The government has announced an increase of Rs55 per litre in the prices of both petrol and diesel. Deputy Prime Minister Ishaq Dar, along with Finance Minister Muhammad Aurangzeb and Federal Minister for Petroleum Ali Pervaiz Malik, made the announcement during a press conference.
Ishaq Dar said that petrol prices are soaring worldwide. He added that the attack on Iran has caused a massive rise in petroleum product prices, noting that US crude oil prices increased by about 35% this week while Brent crude rose nearly 28%.
The deputy prime minister said that on the instructions of the prime minister, a committee has been formed under his leadership to continuously review petroleum supplies and prices. He added that the government is closely monitoring the situation.
Dar stated that the increase in global oil prices will negatively affect the public and various sectors of the economy, and therefore the government has decided to raise petroleum product prices.
He further said that Pakistan is in contact with various countries to reduce tensions in the region, and efforts are being made with friendly nations to ease the situation while trying to minimize the burden on the public.
Finance Minister Muhammad Aurangzeb said that petroleum product prices are rising daily. He explained that a committee was formed on the instructions of Prime Minister Shehbaz Sharif to monitor the situation.
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Aurangzeb said that energy and Pakistan’s economy are closely linked, adding that Pakistan is currently in a relatively good position in terms of macroeconomic stability. He also noted that the petroleum minister has made significant efforts regarding demand management and load management.
He added that under the prime minister’s instructions, meetings will be held with the chief ministers and chief secretaries of all four provinces within the next two days.
Federal Petroleum Minister Ali Pervaiz Malik thanked the prime minister, deputy prime minister, and finance minister for guiding the Petroleum Division during this difficult time. He said the country is going through extraordinary circumstances.
Malik stated that the conflict that began in a neighboring country has now engulfed the entire region. He said that over the past few weeks Pakistan had increased its fuel reserves to a reasonable level, but the current situation has no clear timeline for resolution.
He emphasized that as a nation, Pakistan must responsibly manage the system, and that pricing plays a key role in maintaining supply.
The petroleum minister added that the prime minister has taken strict notice of the fuel shortage, and chief secretaries have been directed to take legal action where necessary. He said two ships are currently heading toward Yanbu Port and Fujairah Port to bring petroleum products to Pakistan.
Malik also said that Saudi Aramco has assured that a large tanker carrying petroleum products will be positioned in Pakistan’s waters from Yanbu Port. He noted that energy prices are rising sharply worldwide.
He explained that on March 1, petrol was priced at $78 per barrel and diesel at $88 per barrel, but by March 6, petrol had risen to $106.80 per barrel while diesel reached nearly $150 per barrel.
Due to this sharp increase, he said, the government was compelled to make the difficult decision to raise prices by Rs55 per litre.
He added that prices will be reduced again once the situation improves, and the government is making every effort to ensure continuous fuel supply.
Following the increase, the new price of petrol will be Rs321.17 per litre, while diesel will cost Rs335.86 per litre.