Government Announces Steep Increase in Petroleum Prices
On Friday, the government announced a significant hike in petroleum prices. Petrol and high-speed diesel have been raised by Rs26.77 per litre.
The new rates will take effect from midnight April 25, applying for the upcoming week.
Officials cited rising global oil prices due to regional tensions as the reason for the increase. Despite efforts to absorb some of the impact, the government had no choice but to pass on the financial burden.
Federal Minister for Energy (Petroleum Division), Ali Pervaiz Malik, explained that international oil price surges and commitments with global partners necessitated the adjustment.
The minister noted that while attempts were made to cushion consumers from higher costs, these efforts could not withstand the pressure.
Experts warn that this increase may exacerbate inflationary pressures, particularly in transport and essential commodities sectors. Additionally, higher fuel prices are expected to raise logistics expenses nationwide, adding further strain on consumers’ finances.
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