The government has raised petrol and diesel prices by up to Rs. 55 per litre, among the biggest hikes in recent years. The decision was announced by Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb after reviewing international oil market conditions. The petroleum levy on petrol was increased, while the levy on diesel was reduced by Rs. 20 per litre.
Officials said global oil prices are rising and have recently approached $100 per barrel. Brent crude earlier crossed $90, putting more pressure on countries like Pakistan that import energy. Prime Minister Shehbaz Sharif held a meeting to review fuel supply. Officials said Pakistan has enough stocks and has arranged two new shipments from Fujairah. The cargoes will bring about 70 million litres of petrol and 50 million litres of diesel, arriving within the next 10 days.
The government also reviewed a fuel conservation plan to reduce petroleum consumption. The proposal included work-from-home arrangements, online learning, and reduced office timings. However, the government decided to defer these measures for now. Normal activities will continue for at least one week while the situation is monitored.
Prime Minister Shehbaz Sharif has directed provincial governments to take action against hoarding and artificial shortages of petroleum products. Authorities will monitor supplies and take legal action against offenders. The government will also review the fuel situation and prices every week.
