Yesterday (Friday), Pakistan increased diesel and gasoline prices for consumers by about 20%, which it attributed to higher oil prices as a result of the Iran-related conflict.
Petroleum Minister Ali Parvez Malik announced in a video message a historic price hike of 55 rupees ($0.20 per liter), taking diesel prices to 335.86 rupees and petrol prices to 321.17 rupees.
“The rise in global oil prices forced us to make this decision,” he said.
Before the announcement, long lines of people were seen waiting to refuel at gas stations in major cities such as Lahore and Karachi.
Prime Minister Shehbaz Sharif yesterday warned against hoarding fuel and stressed that monopolies would be punished.
“We have enough gasoline in stock, but we plan to rationalize consumption because we don’t know when the Middle East crisis will end,” he said.
Pakistan imports oil mainly from Saudi Arabia and the UAE through the Strait of Hormuz.
Pakistan yesterday (Friday) increased diesel and gasoline prices for consumers by about 20%, citing rising oil prices due to the Iran-related conflict.
Petroleum Minister Ali Pervaiz Malik announced a historic price hike of Rs 55 ($0.20 per litre), taking diesel prices to Rs 335.86 and petrol prices to Rs 321.17.
“The rise in global oil prices forced us to make this decision,” he said.
Before the announcement, long lines of people were seen waiting to refuel at filling stations in major cities such as Lahore and Karachi.
Prime Minister Shahbaz Sharif yesterday warned against hoarding fuel, stressing that speculators would be punished.
“We have enough oil reserves, but we plan to rationalize consumption because we don’t know when the Middle East crisis will end,” he said.
Pakistan imports oil mainly from Saudi Arabia and the UAE through the Strait of Hormuz.
