Islamabad(Mudassar Iqbal/Web Desk)-The federal government has significantly increased the price of jet fuel (JP-1) used by commercial aircraft following the latest rise in petroleum prices, according to ARY News. The price has been raised by Rs154 per litre, taking it from Rs188.93 to a record Rs342.37 per litre. The sharp increase of around 82 percent is expected to push airfares up by at least Rs5,000, as aviation experts say airlines will likely pass the additional operational costs on to passengers.
A day earlier, the government also announced a substantial hike in petrol and diesel prices, attributing the move to rising global oil prices amid escalating tensions in the Middle East. During a press conference in Islamabad, federal ministers said petrol prices had been increased by Rs55 per litre. Under the revised rates, petrol will now cost Rs321.17 per litre, while diesel has risen from Rs275.70 to Rs335.86 per litre.
Petrol, Diesel Prices Up Rs55 per Litre Following Middle East Tensions
Deputy Prime Minister and Foreign Minister, Ishaq Dar, has said that the decision had been taken after oil prices surged in the international market following a widening conflict in the region.
He told reporters that the situation intensified after an attack on Iran, adding that the conflict had expanded over the past 48 hours, with Turkey and Azerbaijan also becoming involved, pushing global petroleum prices significantly higher.
Petroleum Minister Ali Pervaiz Malik, who also attended the briefing, described the increase as a difficult decision. He said the government was trying to ensure the country’s energy needs were met during a challenging period.
IMF urges Pakistan to increase petrol prices immediately
The International Monetary Fund (IMF) has urged Pakistan to immediately increase petrol and diesel prices, sources said.
According to sources, the demand was made during virtual talks between Pakistani authorities and an IMF delegation.
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