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The government has announced a significant hike in the prices of petroleum products.
According to the new rates, petrol will now cost Rs 428.40 per liter, while diesel has been increased to Rs 520.35 per liter.
Addressing a press conference, Petroleum Minister Ali Pervez Malik stated that the ongoing war has caused a massive surge in global energy prices. The entire world is caught in the grip of this crisis.
He appealed to the nation for unity and discipline, saying that the government is taking difficult and responsible decisions even though it had no role in creating this storm.
The minister explained that Pakistan imports 90 percent of its energy from the markets of Dubai and Oman, where prices have hit record highs, crossing $250 per barrel.
He added that Prime Minister Shehbaz Sharif has taken austerity measures, including cuts in cabinet salaries, restrictions on official petrol use, and reductions in development funds, in an effort to shield the common man from the heat of this crisis.
He further revealed that since March 1, the government has spent Rs 129 billion to protect the public from the impact of rising prices. Most of Pakistan’s oil supply comes through the Strait of Hormuz, due to which alternative supply routes were arranged to ensure uninterrupted fuel availability.
Ali Pervez Malik noted that even countries with strong economies have declared an energy emergency and deployed the army at petrol pumps. However, the Pakistani government took timely decisions, ensuring there was no disruption in fuel supply.
The government claims these decisions are necessary to keep the journey of sustainable development on track, even though they will directly affect the masses.The new prices will take effect immediately.
