Govt raises petrol price to Rs458.40

The government has announced a sharp increase in petroleum prices, fixing petrol at Rs458.40 per litre and diesel at Rs520.35 per litre.

In connection with the Middle East crisis, Minister for Petroleum Ali Pervaiz Malik, addressing a press conference, said the war had sent shockwaves through global energy markets, with prices surging sharply and affecting countries worldwide. He said the entire world had been engulfed by the crisis and stressed that the nation stood in need of unity and discipline.

He said the government was about to take difficult and responsible decisions, urging the public to view them in the context that the present administration had played no part in creating the crisis, though its efforts towards sustainable development had been overtaken by it. The situation, he added, had deteriorated over the past few weeks.

Malik said Pakistan procured 90 per cent of its energy from the markets of Dubai and Oman, where record increases had been witnessed. Oil prices, he said, had reached historic highs, exceeding $250 per barrel. In view of this, Prime Minister Shehbaz Sharif had sought to shield the public through austerity measures, including cuts in cabinet salaries, reductions in official fuel use, and curtailment of development funds. Since March 1, the government had spent Rs129 billion to protect consumers.

He said even countries with ample financial resources had imposed energy emergencies, with troops deployed at fuel stations, but Pakistan had taken timely decisions, ensuring uninterrupted supply.

A high-level meeting was held, attended by the national leadership as well as military officials.

Finance Minister Muhammad Aurangzeb said the leadership had decided to introduce a targeted subsidy programme to ensure relief reached those most in need, thereby easing the burden of inflation on lower and middle-income groups. Resources would be directed to areas of greatest need.

He said motorcyclists would receive a subsidy of Rs100 per litre on petrol, limited to 20 litres per month. Small farmers would be given a one-time subsidy of Rs1,500. "Public and freight transport using diesel would receive a subsidy of Rs100 per litre, while truck operators would be granted Rs70,000 per month. Larger cargo vehicles would receive Rs80,000 monthly, and passenger buses Rs100,000 per month. The measures would be reviewed next month."