Pakistan boosts petrol prices to Rs458.40 and diesel to Rs520.35 in a record increase, offering targeted subsidies and energy-saving initiatives in the midst of the global oil crisis.
ISLAMABAD (Pasar Mag)-Pakistan has announced a historic price hike for petroleum products, raising the price of gasoline to Rs458.40 per litre and high-speed diesel to Rs520.35 per litre, the highest prices in the nation’s history.
Federal Minister for Finance Muhammad Aurangzeb and Federal Minister for Petroleum Ali Pervaiz Malik made the news at a joint press conference.
The new rates, which take effect at midnight, show a rise of Rs184.49 per litre for diesel and Rs137.23 per litre for gasoline. Given the rising global oil prices brought on by the prolonged turmoil in the Middle East, officials said the action was inevitable.
Speaking during the briefing, the petroleum minister disclosed that earlier in the day, chief ministers, military commanders, and other important stakeholders attended a high-level meeting presided over by the prime minister. After reviewing the changing global energy landscape, the panelists concluded that universal subsidies were no longer feasible.
Nearly 90% of Pakistan’s oil comes from markets in Dubai and Oman, where prices have recently skyrocketed, according to Ali Pervaiz Malik. He pointed out that the cost of diesel has surpassed $250 per barrel on foreign markets, putting tremendous pressure on domestic prices.
