ISLAMABAD - The Federal Government dropped another fuel bomb on Pakistanis by increasing the prices of Petrol and High Speed Diesel Rs 137.23 per liter and Rs 184.49 respectively, amid global fuel crisis due to US-Israel tensions with Iran.
While addressing a late night televised briefing Federal Petroleum Minister Ali Pervaiz Malik announced that the price of petrol was being raised to Rs458.5 per liter, while high speed diesel to Rs520.35 per liter.
Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb announced the measures in a televised briefing, blaming record-high oil prices in Dubai and Oman markets, Pakistan’s main import sources, amid the ongoing Middle East conflict.
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Pervaiz Malik said that the government is moving from blanket subsidy to targeted subsidy. He said that since the start of the crises, the Federal Government has paid Rs 129 billion subsidy on Petroleum products.
Following the increase of Rs 137.23 per liter, the price of Petrol has jumped to Rs 458.40 per liter from the early Rs 321.17 per liter and a hike of Rs 184.49 per liter, HSD has jumped Rs 520.35 per liter from Rs 335.86 per liter.Meanwhile the price of Kerosene oil further increased by Rs 34.08 per liter to Rs 467.48 per liter from the previous Rs 433.40 per liter. The new prices will be applicable from today (Friday).
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Petroleum Minister claimed that that so far the Rs 129 billion subsidy has been spent on the protection of the masses from the shocks of the international fuel price surge.
Finance Minister Muhammad Aurangzeb said the duration of the crisis remains uncertain, stressing that the government must focus support on the most vulnerable while safeguarding food and energy security. Aurangzeb said that under the plan, motorcycle and rickshaw users will receive a Rs100 per liter subsidy with the cap of up to 20 liters per month for three months, while small farmers will get Rs1,500 per acre during the harvest season. Intercity transport will also receive Rs100 per liter subsidy, along with monthly support of Rs70,000 for trucks, Rs 80,000 for larger vehicles, public transport buses Rs 100000, and assistance for Pakistan Railways.
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The government is also considering energy-saving steps, including revised market timings to cut electricity use, with a final plan expected next week after consultations with provinces.
Petroleum Minister Ali Pervaiz Malik said the government is moving away from blanket subsidies toward targeted relief, noting that Rs129 billion has already been spent on petroleum subsidies since March 1. He said global energy prices have surged due to the Middle East crisis, with diesel in international markets exceeding $250 per barrel.
Malik said Prime Minister Shehbaz Sharif had sought to cushion the impact through austerity measures and budget cuts, but acknowledged that rising import costs and disruptions, including in the Strait of Hormuz, had intensified pressure. He called for discipline and unity, describing the measures as “difficult and responsible” decisions forced by circumstances beyond Pakistan’s control.
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He added that even wealthier countries are struggling with the same crisis and stressed the need for diplomatic efforts to ease tensions, warning that the conflict has slowed Pakistan’s recent economic stabilization gains.