Karachi: Federal Minister for Petroleum Ali Pervaiz Malik has announced a significant increase in petroleum product prices, raising both petrol and diesel by Rs55 per liter.
Speaking during a media briefing alongside Deputy Prime Minister Senator Ishaq Dar and the federal finance minister, Ali Pervaiz Malik confirmed the hike in fuel prices.
Following the increase, the new petrol price has been set at Rs321.17 per liter, while the price of high-speed diesel has reached Rs335.86 per liter.
Government Cites Extraordinary Regional Situation
The petroleum minister said the government is currently dealing with extraordinary circumstances affecting the region.
“There is no doubt that we are going through unusual conditions. The situation that began in our neighboring region has now affected the entire area,” Malik stated.
He added that the government had already taken precautionary measures by increasing petroleum reserves to ensure supply stability.
“Our effort is to move forward wisely as a state and manage the situation strategically,” he said.
Further Increase in Fuel Prices Possible
According to sources, the ongoing tensions in the Middle East could push petrol and diesel prices up by another Rs30 to Rs50 per liter in the coming days due to rising global oil prices.
Price Hike Likely to Take Effect From Midnight
Sources indicated that the revised petroleum prices are expected to take effect from midnight tonight (12:00 AM).
Earlier, a meeting on petroleum products was held under the chairmanship of Deputy Prime Minister Ishaq Dar, where officials reviewed current fuel reserves in the country and rising international oil prices.
Petroleum Ministry Recommendations Reviewed
According to the official statement issued after the meeting, the government reviewed recommendations from the Ministry of Petroleum regarding changes in petroleum product prices.
The decision on the new petroleum prices will come into effect from midnight, the statement said.
The meeting was attended by the finance minister, petroleum minister, commerce minister, and other senior officials. During the session, representatives from OGRA, PARCO, and other departments briefed participants on petroleum product reserves in the country.