Govt announces Rs55 per litre increase in petrol and diesel prices

The government has announced a significant increase of Rs55 per litre in the prices of petrol and high-speed diesel, effective from Saturday. The decision was revealed during a press conference held on Friday by Petroleum Minister Ali Pervaiz Malik, accompanied by Deputy Prime Minister and Foreign Minister Ishaq Dar, and Finance Minister Muhammad Aurangzeb.

According to officials, the ex-depot price of high-speed diesel has been set at Rs335.86 per litre for the upcoming week. The ex-depot petrol price has been revised to Rs321.17 per litre, up from the previous rate of Rs266.17 per litre. This adjustment represents a 17 percent increase in petrol prices.

During the press conference, Ishaq Dar addressed the factors contributing to the price hike. He referenced the ongoing conflict involving Iran, the United States, and Israel, stating that the situation had escalated and led to a surge in international petroleum prices. Dar noted that there has been an increase of 50 to 70 percent in the prices of various petroleum products globally, and that other countries are also experiencing the effects of these changes.

The ministers emphasized that the new prices would take effect from 12am on Saturday. They highlighted that the adjustment was a response to international market trends and external geopolitical factors impacting the cost of petroleum imports.

Officials did not provide additional details regarding the duration of the new rates or any potential future adjustments. The announcement marks one of the largest single increases in fuel prices in recent months, with authorities attributing the change to external pressures on the international oil market.