Pakistan feels Middle East crisis heat, fuel prices up 20%
India Today
After the increase, the ex-depot price of high-speed diesel has been fixed at PKR 335.86 per litre for the coming week. The price was previously PKR 280.86 per litre, meaning diesel has risen by nearly 20 per cent. Petrol prices have also jumped significantly.
Pakistan has raised petrol and diesel prices sharply in the first major economic shock linked to the widening conflict in West Asia. Islamabad announced an overnight increase of PKR 55 per litre (Over Rs 18) for both petrol and high-speed diesel, the largest single hike in the country’s history, according to news agency PTI.
The decision was announced late at night during a press conference attended by Petroleum Minister Ali Pervaiz Malik, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Finance Minister Muhammad Aurangzeb. While confirming the steep rise, officials said Pakistan still has sufficient petroleum reserves and there is no immediate shortage of fuel in the country.
After the increase, the ex-depot price of high-speed diesel has been fixed at PKR 335.86 per litre for the coming week. The price was previously PKR 280.86 per litre, meaning diesel has risen by nearly 20 per cent.
Petrol prices have also jumped significantly. The new ex-depot rate stands at PKR 321.17 per litre, compared with PKR 266.17 earlier, reflecting an increase of about 17 per cent.
The price of petroleum products was triggered by turmoil in the energy market caused by ongoing conflict in the Middle East. Ali Pervaiz Malik said the regional crisis had disrupted oil supply routes and pushed global prices higher.
"The fire that started in a neighbouring country has spread across the entire region. We do not know how long this crisis will continue, and there is no clear timeline for its end," he said.
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