ISLAMABAD (Kashmir English): The federal government has announced a massive increase in the rates of petroleum products, bringing the petrol price to Rs458.40 per litre, the highest-ever in history.
Federal Minister for Petroleum Ali Pervaiz Malik made this announcement during a press conference alongside Finance Minister Muhammad Aurangzeb.
The Petroleum Minister said that the government has hiked petroleum products prices due to the ongoing Middle East conflict and rising global energy costs.
Addressing a press conference, Malik said the price of petrol was being hiked to Rs458.40 per litre and that of high-speed diesel to Rs520.35 per litre.
“The new petrol price has been fixed at Rs458.40 per litre, marking a rise of Rs137.23 per litre. Diesel will now cost Rs520.35 per litre, up by Rs184.49 per litre,” the minister said.
Malik said the situation in the region has made the global economy difficult, adding that we have made every effort to ensure that the burden does not fall on the people through austerity and spending cuts.
“For several weeks, the situation has been worsening. Crude oil prices have reached record levels, with diesel in the international market rising above $250 per barrel.”
On subsidy adjustments, the minister said that a major meeting was held with Prime Minister Shehbaz Sharif and chief ministers, and it was decided that blanket subsidies may no longer protect the public from global price increases.
Targeted Subsidy
Finance Minister Muhammad Aurangzeb said that today’s decision was taken in consultation with the country’s leadership, and targeted subsidies are being announced so that they reach the real beneficiaries.
He said that a subsidy of Rs 100 per liter will be given to motorcycles on 20 liters of petrol every month.
The Finance Minister said that a subsidy of Rs 100 per liter should also be given to intercity public transport on diesel, a monthly subsidy of Rs 70,000 will be given to trucks and goods transport on fuel.
Moreover, the government will provide subsidies to the railways so that fares can be managed, he said.
Petroleum Minister Ali Pervez Malik said that the President guided us in the current economic situation, and we thank him. The situation in the region has made the economy of the whole world difficult.
