Govt hikes petrol to Rs458.41 and diesel to Rs520.35 per litre

Islamabad – (Web Desk) – The government just made a big announcement. Petrol and diesel prices have gone up significantly. Federal Minister Ali Pervaiz Malik shared the news at a press conference today. Finance Minister Muhammad Aurangzeb was also present.

Petrol will now cost Rs458.41 per litre. That is a jump of Rs137.23 from before. Diesel has gone up even more. It now sits at Rs520.35 per litre. That is Rs184.49 higher than earlier.

So why did this happen? The trouble started on February 28. The United States and Israel attacked Iran that day. Iran then blocked the Strait of Hormuz. This is a major route for oil ships. Gulf oil refineries also took hits. All of this pushed global oil prices through the roof.

Pakistan felt the pressure quickly. The government had already raised prices by Rs55 per litre back on March 6. After that they held prices steady for three weeks. But the global situation kept getting worse. Diesel in world markets crossed $250 per barrel. That is a record high.

Minister Malik said the government tried hard to protect people. Spending was cut. Austerity measures were put in place. But there was only so much they could do.

Kerosene prices also went up. It now costs Rs467.48 per litre. That is a rise of Rs34.08. This hurts poorer families the most. Many households in remote areas use kerosene for cooking and heating.

The petroleum levy on petrol went up too. It jumped by Rs55.24 and now stands at Rs160.61 per litre. However the levy on diesel was brought down to zero. The idea is to protect transport and farming sectors that run on diesel.

The Pakistan Business Forum was not happy about this. They called the petrol levy hike completely unjustified. They want the Prime Minister to scrap it right away.

Historic hike: Petrol, diesel prices soar amid global crisis

There is some relief though. The finance minister announced targeted support for people who need it most. Motorcyclists will get Rs100 off per litre. This applies to up to 20 litres a month. Intercity buses will also get Rs100 per litre off on diesel. Truck owners will receive Rs70,000 per month in fuel support. Railways will get help too so that ticket prices stay manageable.

The government is also looking at changing market hours across the country. The goal is to save fuel and cut electricity costs. A final call on timing will be made after talking to all provincial governments.