ISLAMABAD: Deputy Prime Minister Ishaq Dar has announced an increase of Rs 55 per litre in petrol prices for the upcoming week during an emergency press conference held late Friday night.
Addressing the media while flanked by Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb, the Deputy Prime Minister stated that the difficult decision was taken in view of the ongoing conflict in the Middle East.
The Petroleum Minister announced Rs 55 per litre in both petrol and diesel prices in the joint press conference.
The new petrol prices are set to take effect tonight after 12 PM.
They also said that the government has arranged for crude oil to be shipped from the Middle East on an emergency basis.
Global Oil Surge due to Iran War puts pressure on domestic fuel prices: DPM
The Iran war has caused a sharp increase in oil prices in the global market, which is affecting the entire world, including Pakistan. During a briefing today, government officials informed the Prime Minister that due to the pressure of global prices, an increase of about Rs 110 per litre is necessary in Pakistan.
However, the Prime Minister, while giving relief to the public, directed that the increase be reduced and limited to about Rs 55 to 60 per litre.
According to experts, if prices in Pakistan are not adjusted according to the global market, smuggling may increase due to cheap fuel. In such a case, the risk of fuel being illegally diverted to Afghanistan and India increases, which may cause further economic loss to Pakistan.
