Pakistan Faces Fuel Price Surge Amidst Ongoing Iran Conflict
'What’s A Poor Man To Do’: Pakistanis Feel The Pinch As Govt Hikes Fuel Prices Amid Iran War
News 18
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Pakistan has raised diesel prices by 54.9% to 520.35 rupees ($1.88) per litre and petrol by 42.7% to 458.40 rupees per litre due to escalating tensions in West Asia. This second price hike within a month is expected to exacerbate inflation and strain low-income families reliant on fuel for daily work.
- 01Diesel prices increased by 54.9% and petrol by 42.7%.
- 02The hikes are attributed to rising global oil prices amid the Iran conflict.
- 03The government has provided 129 billion rupees in subsidies recently.
- 04Targeted subsidies will continue for specific groups like small farmers and motorcyclists.
- 05Global oil prices remain volatile, impacting local fuel costs.
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On Thursday, Pakistan's government announced a significant increase in fuel prices, raising diesel by 54.9% to 520.35 rupees ($1.88) per litre and petrol by 42.7% to 458.40 rupees per litre. This marks the second hike within a month, driven by soaring international oil prices due to the ongoing conflict in West Asia, particularly the Iran war. Pakistan's Petroleum Minister, Ali Pervaiz Malik, stated that the price adjustments were unavoidable given the circumstances. The previous increase earlier this month was around 20%. The latest hikes are expected to worsen inflation and impact low-income families, with citizens expressing concern over the rising costs of living. One citizen highlighted the struggles of families dependent on low incomes, emphasizing that their earnings are now largely consumed by fuel costs. To alleviate some pressure, Finance Minister Muhammad Aurangzeb announced targeted subsidies for small farmers, motorcyclists, and transport services, although he noted that broad-based relief is no longer feasible. The government has already allocated 129 billion rupees in subsidies in recent weeks, but sustaining such support is challenging amid limited resources and ongoing global market volatility, with US oil prices rising by over 11% and Brent crude by 7% following indications of potential military escalation.
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The fuel price hikes are likely to increase the cost of living for ordinary citizens, particularly affecting low-income families who rely on fuel for transportation and daily work.
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