Pakistan has drastically raised the duty on high octane fuel, three times PKR 100 to PKR 300 per litre, as oil markets in the world continue to be strained in the Middle East region and the upheavals around the Strait of Hormuz. In a high level meeting on fuel prices and overall economic policies, Prime Minister Shehbaz Sharif approved the decision. The increase of about PKR 200 liter hike is directly attacking high octane fuel, which is mostly utilized in luxury cars, which would prevent the ordinary citizens directly affected.
Pakistan Triples High-Octane Fuel Price Amid Ongoing US-Israel-Iran War
Sharif says that the move will save the government around PKR 9 billion every month which is guaranteed to be used back in creating relief to the population. By focusing more on richer groups of the society, he stressed that the weight would be shifted onto them and this would decongest the economy at large. The Prime Minister further added that the rise was not going to impact on the fares of the public transport or cost of air transport which is somewhat encouraging given the rising inflation fears. Leading cabinet members such as Azam Nazir Tarar, Muhammad Aurangzeb, Attaullah Tarar and Ali Pervaiz Malik were present in the meeting.
Petrol and diesel prices Pakistan
This is after a previous reform of fuel prices on March 6, with petrol and diesel prices going up by PKR 55 per litre as the global oil price is surging, because of the current US-Israel-Iran tensions. Petrol has increased to PKR 321.17 per litre, whilst diesel has increased to PKR 335.86 per litre. This has already spread to the aviation industry where the airlines increased fares due to increased cost of jet fuel. Prices of domestic tickets have risen by PKR 2800 to PKR 5000 on major routes and international fares have gone up by up to PKR 28000 especially on flights to Middle East and Central Asia.
